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FINANCIAL TIMES 


Moscow rehabilitates 
a distinguished 
Bolshevik, Page 2 


No. 30,355 


EUROPE’S BUSINESS NEWSPAPER 

Tuesday October 6 1987 


D 8523 A 


World News 


Sri Lanka 

captives 

take 

own lives 

At least 10 members of the Tam- 
il Liberation "Tigers* c ommitte d 
mass suicide yesterday by swal- 
lowing cyanide capsules. Seven 
others attempted suicide and 
were said to be in critical condi- 
tion. 

Meanwhile Indian troops and 
Sri L a nka n police were ordered 
to shoot rioters on sight in Tri- 
comalee, eastern Sri T-anirn 
Page 24 

Passive disarmament 

Nato secretary-general Lord 
Carrington warned that there, 
was a danger .of "passive disar- 
mament" as a result of rising de- 
fence equipment. costs and re- 
strictions of defence- budgets. 
The East-West balance on con- 
ventional weapons had to be 
maintained, he said. Page 2 

Uncertain future 

The political ftiture in Fiji was 
uncertain after tails to end the 
constitutional crisis broke 
down. The Governor-General, 
faced a decision over whether 
to resist or give way to Col Sitiv- 
eni Rabuka who seized power 
10 days ago. Page 24 

Basque attack 

Spanish Basque gaerrOlPS at- 
tacked civil. guard barracks fol- 
lowing a series of detentions in 
France and Spain , of ETA sup- 

S tilers, some of whom bad been 
solved in terrorist attacks. 
There were no casualties. 

Soviet warning 

Soviet General Anatoly Kun- 
tsevich warned during an inter- 
national visit to a secret Soviet 
chemical weapon test ground 
that US planets produce chemi- 
cal binary weapons could spoil 
chances of an international 
agreement to ban chemical 
weapons and destroy stockpiles. 
Page 3 

Bork decision 

Senator Dennis- Deconcini, one 
of the swing votes on the Senate ; 
Judiciary Committee which will * 
decide on the nominatUm of i 
Judge Robert Bork to the Ed- « 
preme Court, said he would vote i 
against confirmation. Page 24 j 

Angola casualties 

Angola said four battalions of i 
South African troops backed by ' 
10 military aircraft Intensified ; 
attacks on government forces : 
causing 'considerable casual- ! 
ties’ along the Lomba river in > 
the south-east province of 
Kuando Kubango. 

China downs MiG 

China claimed to have shot 
down a Vietnamese MiG-21 
fighter jet that intruded 30km 
into its airspace over Guangri. 
Zhuang region in southern Chi- 
na 

Matanzima replaced 

Stella Sigcau was elected Prime 
Minister of Transfeei from her 
position as Minister of Posts , 
and Telecommunications to re- ' 
place George Matbeen been ' 
been been anzima who resigned < 
under pressure last month. Oth- : 
cr candidates withdrew shortly 
before the ballot , 

Bhopal decision 

The US supreme court cleared i 
the way for Indian courts to j 
hear suits against Union Car- , 
bide arising from the Bhopal i 
poison gas disaster in 1964 , 
which killed 2,400 people. 

I 

Direct talks | 

Israeli Prime Minister Yitzhak. i 
Shamir said he would agree to ] 
an international Middle East , 
peace conference only if direct 
lsraeli-Arab talks could first 1 
reach a peace formula for "en- j 
dorsemenl* by an international i 
conference. ] 

Bissau cholera ] 

Cholera killed 40 people in the 
West African country of Gun- 
iean Bissau. j 

Wage war j 

Lebanon doubled the minimum j 
wage of 4400 pounds per month < 
($15) to WOO pounds. Employ- 3 
ees earning more than 12,000 i 
pounds will receive a 75 per 1 
cent increase. I 


Business Summary 


Philips to 
float off 
part of 
Polygram 

POLYGRAM, music production 
subsidiary of Philips. Dutch 
electronics group, will be par-, 
tlally floated in an internation- 
al equity offering expected to 
raise about 3270m through the 
public sale of 20 per ceqt of Po- 
lygram’s shares. Page 27 

CALOR, UK bottled gas compa- 
ny. rejected a joint 
£820m{$L33bn) bid proposal 
from Burmah Oil and SHV, a 
privately owned Dutch compa- 
ny. The bid, which was final and 
had been made conditional on 
the recommendation of the Co- 
lor board, was withdrawn at 
once, ending one of the the 
shortest takeover sagas in re- 
cent history. Page 25 

ALUMINIUM prices rose to 
7%-year_ highs on the London 
Metal Exchange in dollar terms, 
with near record levels in ster- 
ling terms, before profit- taking. 
Continued speculative buying* 

Aluminium 

Cash Metal (£ per tonne) 

1300 



and covering against earlier 
short sales pushed the dollar- 
denominated high grade con- 
tract cash position up $05 to 
dose at $2,045 a tonne with the 
cash standard contract gaining 
£25 to £1446. Page 36 

WALL STREET; The Dow Jones : 
industrial average closed down 
OBI at 2640. 18 Page 48 

LONDON: Alter an optimistic 
opening, equities fell on the 
weak Wan Street opening and a 
downswing in bonds. The FT-SEi 
100 index closed up 30 at 24851 
and the FT Ordinary -index ad-l 
ded L4 to LB73.7. Page 44 

TOKYO: Support for high-tech 
and' large-capital issues ofiket 
worries over the possible cre- 
ation of a capital gains tax to 
leave share prices marginally 
higher. The Nikkei average ad- 
ded 11.74 to 26,01833. Page 48 

GOLD rose $030 on the London 
bullion market to close at 
$456.00. In Zurich it rose $240 to 
close at$45&25i Page 36 

DOLLAR dosed in New York at 
DML9395, at FFr6.1225, at 
SFrl.533 and at Y14&55. It rose 
in London to DM1.8425 
(DM1.8420); to FFr6.1325 
(FFr8.1275); to SFrL.5355 
(SFr 1.5345); and to Y14&80 
(Y14&35). The dollar’s exchange; 
rate index was unchanged at 
1023. Page 37 

STERLING closed in New York 
at $1.6285. Earlier, it rose in 
London to $1.6240 ($L8215), to 
DM24925 (DM2.9875); to FFr946 

(FFr».9350X to SFr2.4925 
(SFT2.4875), and to Y23&50 
(Y23745X The sterling index 
rose 0.1 to 73.0. Page 37 

ing technology group boughtby 
Commerzbank for Allied Signal 
of the US in late March, is to be 
floated on Thursday for DM 
600m($326mX 

C0MPAGNIE DU MIDI, French : 
insurance group bidding for 1 
control of Equity & Law. in the ; 
UK, agreed to buy Maeschaert- 
Rousselle, France's largest) 
stockbroker. Page 27 

MODO, Swedish pulp and paper] 
group, took a decisive step to- 
wards gaining control of Hol- 
men. a rival domestic forest] 
products group and Europe's 
leading newsprint producer. 
Page 25 

HONG KONG and Shanghai Ho- 
tels Group, controlled by the 
family of Lord Kadoorie, Hong 
Kong’s only member of Britain's 
House of Lords, fixed the price 
at which 32J>m shares - just un- 
der 3S per cent of the company's 
issued share capital - axe to be 
offered to international institu- 
tional, and Hong Kong, inves- 
tors. Page 2S 


Greenspan to push 
forward reform 
of US bank system 


BY ANATOLE KALETSKY IN NEW YORK 


MS ALAN Greenspan, Federal 
Reserve Board said 

yesterday that it was "essential* 
for the US Congress- to liberal- 
ise the laws which, restrict <the 
growth of US-commercial banks 
and their diversification into 
the securities industry. 

However, he warned that any 
new legislation must ensure 
that the securities business 
does not benefit from govern- 
ment guarantees enjoyed by the 
banks’ deposit- taking 

operations. 

Mr Greenspan, delivering his 
first major testimony to Con-, 
gross since his appointment in 
August as head of the US cen- 
tral bank, seemed to confirm 
widespread predictions that he 
would be a more determined 
champion of bank deregulation 
than Mr Paul Volcker, his pre- 
decessor. • 

The new Fed chairman main- 
tained that a "broad Interstate 
banking sys te m" would inevita- 
bly supersede the present frag- 
mented American banking mar- 
ket as regional interstate 
banking arrangements evolved 
into a nationwide framework. 

He urged Congress not to put 
US banks at a competitive dis- 
advantage in this process by 
sticking to outdated legislation 
and expressed 'considerable 
frustration" with the delays 
which politicians had already 
imposed. 

Mr Greenspan also wanted 
against any revised legislation 
which would tty to restrict the 


/%**?■.#**■ 

■ ■ a *4 "F* 



Alan Greenspan: bank deregula- 
tion proposals 

industry's development with a 
"laundry list" approach to new 
banking powers. Any list of spe- 
cific markets or activities to be 
permitted for banking compa- 
nies in the ftiture would soon 
become outmoded. Instead, 
depsotiaiy institutions should 
be given "generic powers" of ex- 
pansion which could be inter- 
preted in the light of market de- 
velopments by bank regulators, 
he suggested. 

But despite his general advo- 
cacy of tank deregulation, he 
stopped short of simply urging 
abolition of the laws which sep- 


arate commercial and invest- 
ment banking at present It was 
essential, though also very diffi- 
cult, to "assure that only the 
bank has the benefit of the-snp- 
port of the federal safely net 
which includes deposit insur- 
ance and access to Federal Re- 
serve lending*'. 

The Fed was working on pro- 
posals along these lines to re- 
place the Glass-Seagall Act 
which currently bars commer- 
cial banks from foil participa- 
tion in the securities business. 
But Mr Greenspan warned that 
there were considerable diffi- 
culties in separating the gov- 
ernment-insured from the non- 
insured parts of the banking 
business. 

Mr Greenspan said that he 
hoped to have recommenda- 
tions ready on new bank legisla- 
tion within 'several weeks'. 

"The more you look at it, the 
more complex it gets,” be added. 

• The Supreme Court yester- 
day upheld a lower court ruling 
allowing some Federally-in- 
sured h»niw which were not 
members of the Federal Re- 
serve System to set op securi- 
ties subsidiaries. The Federal 
Deposit Insurance Corporation, 
which regulates such banks, is- 
sued permits for some of its 
members to operate brokerage 
subsidiaries In 1964. This deci- 
sion was challenged by the se- 
curities industry under the 
Giass-Steagall Act, but was up- 
held last April by the US Ap- 
peals Court 


Coffee prices jump after 
export quotas agreement 


BY DAVID BLAOO^ftUJOlUON 

WORLD COFFEE prices rose 
sharply yesterday after the In- 
ternational Coffee Organisation 
finally reached a gree ment on 
the immediate resumption of 
coffee export quotas, which 
have been suspended since 
February 1986. 

Delegates from the 75 mem- 
ber countries of the organisa- 
tion, which aims to stabilise cof- 
fee prices by regulating trade in 
the commodity, were still ar- 
guing over how to divide the 
market among exporters 
throughout the weekend after 
two weeks of tough negotia-- 

tinnn 

Agreement on the allocation 
of quotas was the key to success 
in the talks, which had been 
scheduled to finish on Wednes- 
day. P 

Consuming countries, led by 


Coffee - 

2nd Position Futures 
£ per tonne . 

1“ 



political bargaining. 

The compromise which has 


the US - the world’s biggest con- been struck backs the produc- 
siuner - have been seeking an era’ formula for the first year, 
allocation formula for quotas starting this week, while a for- 
based on what they term 'objee- xnula more in line with the con- 
tive criteria.” such as available Somers’ ideas will automata 
supplies and stocks. But Brazil, caliy come into effect next 
the world's biggest producer, October, 
along with the majority of the The agreement - for a world 
exporting countries, has been export total of 58m bags of ex- 
backing a formula which con- ported coffee - includes special 
sumers said contained too much measures over the next quarter 


specifically designed to push 
world prices quickly back up in- 
to the. 120 cents, to 140 cents a 
pound range which the ICO 
wants to defend. 

The latest available 15-day 
moving overage price, for Octo- 
ber 2, is 104.17 cents a pound. If 
this price, which the ICO uses as 
its measure, does not reach 107 
cents by tomorrow, the level of 
world exports allowed will im- 
mediately be cut hy L5m bags to 
5&5m bags. Further cuts will 
follow if the price does not con- 
tinue to rise. 

The markets reacted immedi- 
ately with a sharp jump in 
prices. Most actively traded on 
the London Futures and Op- 
tions Exchange (Fox) was the 
November robusta contract, 
which rose by £6L50to £1499 
($2,266) a tonne on a volume of 
5413 lots of five tonnes each. In 
New York the price of three- 
month robusta reached as high 
as 126 cents a pound in morning 
trading. 

The retail price of coffee is 
unlikely to be affected for the 
next couple of months - and 
then only if the price of coffee 
hpa nit l urimi ns strong. 

Commodities, Page 38 


UK judge warns ‘share cheats 9 


BY RAYMOND HUGHES AND RCHAin TOMKINS IN LONDON 


BRITAIN'S top judge yesterday 
quashed a jail sentence on a 
former Conservative Member of 
Parliament for attempted dis- 
honest share dealing; but gave a 
warning that "future City ofLon- 
doh cheats' were unlikely to be 
, so fortunate. 

Lord lane, the Lord Chief 
Justice, said a jail sentence on 
Mr Keith Best, who made multi- 
ple share applications for his 
shares in British Telecom, the 
privatised state concern, was 
too severe. However, Lord Lane 
increased the £3,000 ($4400) 
fine also imposed on Mr Best to 
£4J5O0. 

It was thefirst time in Britain 
that a jail sentence had been 
imposed for an offence involv- 
ing share applications- 

In quashing the sentence. 
Lord Lane said Mr Best had es- 
caped jail "fay the skin of his 
teeth." But he added: "Let it be 
clearly understood, from now 
on those who indulge in this or 
any other form of cheating with 


regard to the stock market are 
put on notice that it is not only 
their assets which are at risk 
but also their liberty." 

Mr Best, who was convicted at 
court in London last Wednesday 
on three specimen charges of 
dishonestly attempting to ob- 
tain 2,400 BT shares by decep- 
tion, complained about the dis- 
parity between his sentence 
and those, imposed on 10 other 
professional men convicted ear- 
lier at another London court, 
for similar offences. None of the 
10 was jailed. 

Lord Lane also made clear it 
was the wording of the BT pro- 
spectus that had cansed the ap- 
peal court to doubt the propri- 
ety of jailing Mr Best Anyone 
readi ng th e prospectus might 
be flUgbeS for ancnmmg- that 
multiple applications would not 
meet with disapproval and that 
the criminal law was nniifcwiy to 
be invoked, he said. 

Lord Lane contrasted the lat- 
er British Gas and TSB (Trustee 


Savings Bank) issues, when the 
prospect of criminal proceed- 
ings was made perfectly plain. 

Mr Best’s counsel, Mr Robin 
Simpson, QC, said that every as- 
pect of Mr Best’s career, as MP 
for Anglesey, north Wales, as a 
barrister and as a major in the 
Territorial Army had been "not 
just tarnished' but Literally 
smashed. 

Mr Best had been 'crassly stu- 
pid.' But it was not British jus- 
tice that, because a man was an 
MP and barrister, he should 
have to suffer so greatly in com- 
parison with others whose cases 
had been much worse. 

Lord Lane said that as a bar- 
rister Mr Best should have real- 
ised he was at least in danger of 
felling foul of the law. 

"But we have come to the con- 
clusion that, while the nature of 
his profession and background 
certainly does not entitle him to 
be treated more leniently, it 
does not require him to be sent 
to prison rather than fined." 


■CONTENTS" 


Europe J-*® 

Companies 25 gjj 

America e*W 

Companies <25 Bur 

Overseas—. ?£ 

Companies ...............25 

World Trade 8 tatt 

Britain _1(MB Jj* 

Companies .30-34 Bum 


Agriculture . . 

Arts - Bedews • 
World GnUe. 
Commercial Law _ 


2,3 Commodities 

25 Cwwswwd 

, CarrcBcfeo 

— ® EdHarialcommwt. 

.25 Eurobond! , — 


4 fisffig-apaens 

”****1- Ffmmctal Palmes 

GoM — - 

8 loll Capital Waitott. 

19-16 


lets -Bourses. 
■Wall Street- 


— 4MS 

4548 

.42-44,48- 


-21 . Technology. 
.21 Unit Truitt. 
.17 Weather — 


MEXICO’S 
HARVARD 
TECHNOCRAT 
IN LINE FOR 
PRESIDENT 


Caries Salinas deGortari has been 
nominated hy Mr de la Madrid to 
succeed him to the top office. Page 6 



Africa: nightmare of would-be trader 4 

Fern: banks paid in fishmeaMron — 8 

Management: swapping corporate se- 
curity for the uncertainty of indepen- 
dence 18 

Gorbachev: bearing t2ie burden of 
proof 22 

Editorial comment: When stags go too 
far; trade test from Canada and US .. 22 

Japan and US: not easy to live with an 
elephant -. — 23 

UK Tories: AD Thatcheritea now — 23 

Leu Asda-MFI; Burmah/Calor, Sewers 
Group — M 


Wedges of 
bitterness 
divide 
the peoples 
of Tibet 

By Robert Thomson fo Lhasa 

-DALAI LAMA, Dalai Lama" - 
with bead bowed and hands 
outstretched a Tibetan urchin 
begged for a photo of his exiled 
spiritual leader. There was a 
hint of urgency in his voice be- 
cause a curfew designed to 
clear the streets of this trou- 
bled city was only minutes 
away. 

Tibetans sense that more vi- 
olence Is inevitable after two 
protests fat support of Tibetan 
independence have left at least 
six, and perhaps many more, 
dead. 

A sign plastered on a wall in 
the centre of the city by a Ti- 
betan underground group 
claims that "ten people" have 
died and that Tibetans must be 
ready for many more deaths for 
the sake of their eanse. 

As Chinese police and mili- 
tary sealed off the capital yes- 
terday and searched tracks in 
an attempt to stop monks gath- 
ering for another protest, mon- 
asteries were closed and 
monks ordered to stay inside. 

It wifi be an uncomfortable 
couple of weeks for the Chi- 
nese Government, which fears 
that father protests might 
erupt within days of the 37th 
anniversary of the crossing of 
Chinese troops into Tibet. 

Monks and other Tibetans 
fojured during a pretest last 
Thursday, when police opened 
fire after having been pelted 
with stones, are seeking refuge 
in homes and temples, fearing 
that hospital staff will torn 
them over to police if they ask 
for treatment. 

Foreign travellers, includ- 
ing several doctors, have been 
treating the injured in their 
homes since Thursday and are 
stockpiling medical supplies 
in case of ferther violence. 

At the Jskhang temple, the 
site of the bloody protest, a 
public address system endless- 
ly repeats messages from the 
public security bureau warn- 
ing Tibetans not to engage in 
"abutted!,* and telling foreign- 
ers to stay out of China's "inter- 
nal affairs' or risk severe pun- 
tehment. 

Two US citizens, a doctor and 
a lawyer, have bees given until 
October 10 to leave the eoantiy 
far allegedly 'endangering na- 
tional security and harming 
the' public interest" by min- 
gling with Tibetans and carry- 
ing a Tibetan flag. 

It is clear tbit the sudden 
surge In Tibetan activism in 
Lhasa has followed an intensi- 
fied international campaign by 
Tibetan exiles, in particular. 

The protests have unsettled 
Tibet’s 40MM or so Chinese 
civilians and military peraon- 
neL Several Chinese-run busi- 
nesses were damaged and Chi- 
nese bystanders punched 
during Thursday** pretest. 

Continued on Page 24 


Brussels sets 
deadline on 
mergers pact 

BY WILLIAM DAWKINS IN LUXEMBOURG 


THE European Commission yes- 
terday gave Community mem- 
ber governments until the end 
of next mouth to agree in princi- 
ple to give Brussels wide-rang- 
ing controls over cross-frontier 
mergers. 

Mr Peter Sutherland, the 
Commissioner for competition 
policy, told a meeting of trade 
and industry ministers that the 
Commission would take individ- 
ual legal action against mergers 
likely to create anti-competitive 
dominant positions if EC gov- 
ernments did not give broad po- 
litical support to a long-stalled 
merger control regulation. 

The proposal, which would 
give the Commission the right to 
vet in advance cross-border 
mergers with a combined turn- 
over of more than Ecu lbn 
($L158bu), has been stuck in 
sterile technical debate be- 
tween national officials since it 
was launched. in 1973. 

It has met resistance from the 
UK and Italy which fear that 
Brussels would take too long to 
approve deals, while the the 
Netherlands is unwilling to im- 
pose excessive regulations on 
takeovers. Mr Sutherland said 
there were no overtly negative 
reactions yesterday, although 
Britain's representative at the 
meeting, Mr Alan Clark, left be- 
fore the Commissioner spoke. 

Mr Sutherland told member 
states that the increasing num- 
ber of cross-frontier takeovers 
and the EC's campaign to dis- 
mantle internal trade barriers 
now made it essential to set up 
a Community system of control. 
The aim was just as much to 
give "certainty and assurance* 
to cross-border takeovers as to 
stop abuses of industrial power. 
But it was meaningless to con- 
tinue technical work on the 
move without clear political 
support for its aims. 

It -was not good enough to 
leave EC merger control to na- 
tional anti-trust authorities be- 
cause of the risk of different 


member states producing incon- 
sistent judgments. "We need a 
uniform set of rules wbich 
would allow a coherent indus- 
trial strategy," he said. 

If ministers cannot support 
the broad lines ofthe scheme by 
the Internal Market Council's 
next meeting on November 30, 
the Commission is promising to 
apply Articles 85 and 86 of the 
Treaty of Rome to potentially 
anti-competitive mergers. 
These outlaw any kind of indus- 
trial accord likely to distort free 
competition. Theoretically, this 
would allow Brussels to de- 
mand major changes to take- 
overs alter the event, a power 
which (he Commission has nev- 
er used before. 

An important legal test of 
whether Article 85 does apply 
to takeovers is expected to be 
resolved in the European Court 
of Justice in the next few 
months. It is a private anti- trust 
case brought by British Ameri- 
can Tobacco against a merger 
between Rothmans and Philip 
Morris. The court bas hinted 
that Article 85 does apply in its 
preliminary ruli ng- 

• EC trade and industry min- 
isters delivered a political snub 
to the European Parliament 
yesterday when they agreed on 
a scheme to promote wider com- 
petition in public purchasing of 
basic supplies. 

They refused at their meeting 
in Luxembourg to accept any of 
the changes suggested by the as- 
sembly, which wanted to give 
public authorities the right to 
discriminate in favour of sup- 
pliers that offer equal employ- 
ment opportunities. 

France, Italy and Greece ab- 
stained in the vote, having un- 
successfully- tried to include 
farther changes to allow pur- 
chasing authorities to reserve 
contracts for companies in poor 
regions. The proposal now goes 
back to the Parliament fora sec- 
ond reading, due within three 
months. 


Iran raises threat of 
attack on US bases 


BY ANDREW GOWERS IN DUBAI 

)A SENIOR Iranian military offi- 
cer yesterday raised the pros- 
pect of an attack by Iran on US 
bases in Arab Gulf states, as 
Iraq mounted a blitz of air raids 
on Iranian-operated supertank- 
ers at the southern end of the 
Gulf 

Iraqi jets hit four ships at Ir- 
an's Hormuz oil-loading termi- 
nal, causing a serious fire on 
one, and Baghdad also claimed 
to have hit two other Iranian oil 
facilities and a base in the Gulf 


used by Iran's Revolutionary 
Guards. Iran immediately 
vowed to step up retaliation. 

The possibility of Iranian at- 
tacks on US bases was raised in 
an interview with the Tehran 
Times _ newspaper by Gen Qas- 
em All Zahixnezhad, a member 
of Iran's Supreme Defence 
Council. "Once the malicious in- 
tent of the US is established, 
then Iran’s attack on these bas- 
Continued on Page 24 




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2 


EUROPEAN NEWS 


Financial Times Tuesday October 6 1987 


Carrington warns on rising cost of weapons 


BY DAVID BUCHAN 

THE RISING cost of weaponry 
and the squeeze on defence 
budgets from rival social pro- 
grammes could lead Nato into a 
"passive disarmaments more 
dangerous than any negotiated 
disarmament deals with 
Moscow. Lord Carrington, the 
Nato Secretary-General, warn- 
ed yesterday. 

Launching a year-long study 
by the London-based Royal 
United Services Institute into 
Nato and Warsaw Pact develop- 


ments up to the turn of the cen- 
tury, Lord Carrington singled 
out the need for Western Eu- 
rope to contribute more in its 
defence over the nest 15 years. 

Failure by Western Europe to 
do this would "convey two po- 
tentially very dangerous signals 
- one to those in the ITS in any 
case inclined to question the 
scale if not the principle of the 
American commitment to the 
defence of Europe, and the oth- 
er to those in Moscow who aigae 


that there is no reason to negoti- 
ate seriously about a conven- 
tional balance that, given time, 
will inevitably tilt farther in the 
Soviet direction". 

Lord Carrington said it could 
not make sense for defence, "the 
first responsibility of govern- 
ment,* to be simply allocated 
what money was left over from 
civil budget programmes. But 
there was also a value for mon- 
ey problem with defence. The 


Nato chief said he could not un- 
derstand "why sophisticated 
electronics seem to get progres- 
sively cheaper on the High 
Street and more expensive 
when yon put them in uniform*. 

The "spark and finderbox” 
creating explosive inflation in 
defence equipment, a problem 
common to all Nato countries, 
were "cost-plus contracting, 

state-of-the-art specifications 

and protectionist - not to say 


chauvinist - purchasing poli- 
cies', he claimed. 

The secretary-general did not 

believe that international de- 
fence rationalisation and col- 
laboration would really get un- 
der way until prime ministers 


committed their whole govern- 
ments to it. Why, he suggested, 
not start it off dr amatically by 
Nato deciding that one country 
or consortium would produce 
the next generation of main bat- 
tle tank for the whole alliance? 


Poland to ease company reins 


BY CHRISTOPHER SOBMSKI M WARSAW 


THE POLISH authorities are 
pi an fling to unveil a major res- 
tructuring of the government 
administration aimed at easing 
central control over enter- 
prises. Details will be given in a 
speech to- Parliament next Sat- 
urday by Mr Zbigniew Hess Her, 
the Prime Minister. 

The move could see a reduc- 
tion of 25 per cent in the num- 
ber of people employed by cen- 
tral government and will entail 
minsteriaJ changes as various 
industrial ministries are amal- 
gamated into one Ministry of In- 
dustry. This coming week will 
see a series of meetings of top 
decision-making bodies, culmi- 
nating in a central committee 
meeting on Thursday which is 
to approve the changes. 

The government reorganisa- 
tion is part of a package de- 
signed to implement decentral- 
ising economic reforms over the 
next three y ears; leaving i 
greater role for the private see- 
tor and the market as a whole. 


Prices and incomes policy 
aimed at achieving a balance 
between supply and demand 
still remains unresolved, with 
the Government hesitating be- 
tween a moderate 15 per cent 
level of pride increases next 
year and politically dangerous 
40-60 per cent 

9 Trybuna Lndtt, the Polish 
party newspaper, has reported 
another record groin harvest 
this year of 26m tonnes com- 
pared with 25m tonnes last year, 
which fa turn was die bat year 
since the Second World War. 

Western observers caution 
that grain quality this year is 
poorer as a result of the delayed 
harvest, and that the main con- 
tains more moisture than usual 
(hereby increasing the total 
weight. 

Nevertheless, yields per hect- 
are are growing annually and 
fee acreage devoted to grain 
output is also rising- This is es- 
pecially so of wheat, of which 
more than lm tomes a year Is 
stiil imported. 



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Senior ministers replaced 
in Ceausescu reshuffle 


BY JUDY DEMPSEY M VIENNA 

THE ROMANIAN authorities 
at the weekend announced sev- 
eral tna|ar changes in the Gov- 
ernment which Included au 
fflhdml of the ministers far 
the interior and Justice. 

Mr George the 

Minister for Intersil Affairs, 
and Mr Gfaeargbe CMvoIescu, 
the Minister for Justice, were 
replaced by presidential de- 
crees. Mr Tutor Pestelnicn, 
the head «f state security « Se- 


j. Mr Kalian Vlad, 

the deputy Interior Minister, 

has been appointed a£ head of 
tfeeSeearftate. 

fids brings the total somber 
of government officials <U»- 
missed of replaced since Sep- 
tember to 1& 

The spate ef reshuffles has 
tended to focus on imcialc 
working in the e conomy . The 
Ministers for Petrochemicals, 
far Electrical Power and for 
Technical and Material Supply 


recently dismissed is 
what obse r ver s considered to 
be n preparation for the earn- 
ing winter. 

In a speech last month* Mr 
Nteaale Ceanpesco, the Roma- 
nian President and Communist 
Party leader, sharply attached 
the performance and output of 
(foe country’s energy supply 
plants, an indication that he Is 
dissatisfied abet carreat lev- 
els of supplies. 

Over the past several vis- 
tors, fad ana energy have been 
strictly retr ied, and even ba- 
sic things, such m domestic 
electrical appliances have 


long periods daring the day. 

The replacement, however, 
oT the Interior and Justice 
Ministers seem to go a stage 
further from the System ef "ro- 
tating” ministers, which has 
been a feature of Mr Creases 
cu’sruto. 


Tour guide strays into Turkish minefield 


BY DAVID BAftCHAROM ANKARA 


TOURISM IN Turkey*! south- 
eastern provinces can be a dan- 
ger ous affair, at least for for- 
eign guides who do not stick to 
the officially-approved version 
of the area’s histoiy. 

Though the Area is one of the 
melting pots of Middle Eastern 
history, with ntotmaieau erect- 
ed by Romans, Arabs, Animaic- 
sprelklng Christian Syriacs . Ar- 
menians. Kurds, and Turks, ref- 
erences to nay of the non-TUrfc- 
ish groups can land a foreign 
tourist guide in prison with the 
prospect ora long sentence. 

The latest tourist guide to fall 
foul of the authorities is Mr 
Michel Ceraminot, who stands 


trial this week on charges of 
promoting Armenian and Kurd- 
ish separatum (a serious of- 
fence in Turkey) in bis remarks 
to a group of French-holiday 
makers. 

Be has been bold in prison for 
tbree-and-a-balf months since 
he was denounced to the local 
police by the group's Turkish 
guide. French embassy at- 
tempt* to secure Us release 
have proved fruitless, althongh 
one diplomat lays that there are 
strong indications that the tour- 
ist mode had a grudge against 
Mr Crtwwt, And that none of 
the French party supports the 
allegations against him. 


The case was taken op direct- 
ly fa tallM to Barite recently be* 
tween the French Prime Minis- 
ter. Mr Jacques Chine, and his 
Turkish opposite number, Mr 
TurgutOzaL 

Several other cases of this 
sort have occurred in Turkey in 
recent yean. The Turkish au- 
thorities not Only reject elniwiO 
that there were government- 
backed massacres of Armenians 
during the Pint World War, hot 
also that Armenian kingdoms or 
identifiable states ever existed 
at any point in history - a claim 
which conflicts with the facts of 
history as understood fa the 
West. 


Another Tourist guide, a Ger- 
man, was held far many months 
in iRyarbarkir earlier this de- 
cade on similar c ha rges, while 
the deputy manager of tho Is- 
tanbul office of Luftensa was 
pat on trial for possessing a 
globe on which Armenia and 
Kurffistan ware merited, 

A trial of the Turkish lan- 
guage edition of the Encyclo- 
Brttarmlca Is currently 
— riling its final stages. 
Encyclopaedia was accused 
of weakening national senti- 
ment by statteg that various 
Turkish towns were under Ar- 
menian rule to the Middle Ages. 


Patrick Cockburn on Gorbachev’s anti-Stalin line 

Moscow rehabilitates a 


distinguish ed Bolshevik 


THE SOVIET GOVERNMENT 
has taken the decision in princi- 
ple to rehabilitate Nikolai Buk- 
harin. the most distinguished of 
the old Bolshevik leaders exe- 
cuted after a show trial fay Stal- 
in in 1838, diplomats say in 
Moscow, 

to coincide with the 70th amu- 
versaiy of the Bolshevik Revo- 
lution On November 7, fa Impor- 
tant because it confirms the 
anti-Stalinist stance of Mr Mik- 
hail Gorbachev’s government 

It also has immediate politi- 
cal relevance because Bukhar- 
in’s name is associated, above 
all, w ith t he New Economic Pol- 
icy CNEP) of the 1820s, under 
which the state kept control of 
heavy industry but allowed the 
peasantry to engage to limited 
private enterprise. 

Many of these Ideas are now 
under discussion again as 
means of boosting agricultural 
output, the low level of which 
has been a ball and chain on the 
Soviet economy ever since Stal- 
in forcibly collectivised 25 mil- 
lion peasant farmers alter 1929. 

Bukharin, despite years of vil- 
ification. has also remained a 
symbol far a large part of the 
Soviet intelligentsia of a 
despotic alternative to the _ 
of state and society created __ 
Stalin. Bis real role in history is 
therefore a live political issue 
in the Soviet Union in a way 
that the role of Trotsky or some 
other senior Bolsheviks is not 

Professor Yuri Afanasyev, 
head of the Moscow State Insti- 
tute for Historical Archives and 
a leading advocate of revising 
soviet history, said recently: "at 
practically all my lectures I am 
asked; ‘what is your approach to 
bukharin 7*. One does not have 
to be a narrowly specialised 
professional historian but sim- 
ply a human being to say that 
Bukharin was never i state 

c riminal. * 

Bukharin, born in Moscow in 
1888 the son of a school teacher, 
joined Lenin’s Bolshevik Party 
in 1806 and went through the 
usual apprenticeship of politi- 
cal organising, jail and exile. 
Specialising in e c on o mics he 
was one of the tonor core of Bol- 
shevik leaden around Lenin 
Bat it was in the 1920a, partic- 
ularly after the death of Lenin 
in 1924, that Bukharin emerged 
a* the main advocate of the 
NS*. Introduced in 1921, the 
NEP allowed peasants to sell 
their produce either io the gov- 
ernment or at a market price 
subject to state taxation, toler- 
ated limited production of man- 



Nikolai Bukharin - acce pte d at 
last 

anfactnred goods by small scale 
entrepreneurs and sought to 
keep prices low for manufac- 
tured goods for sale in the coun- 
tryside. 

These policies rapidly re- 
stored the economy to prewar 
levels of output as rural smal- 
lholders, the vast majority of 
the population of the country, 
found it profitable to market 
their surplus and Industrial 
output returned to capacity. 

Lenin’s calculation, of which 
Bukharin latex became the 
main advocate, was that so 
as the party retained a politic 
monopoly and control of the 
commanding heights of the 
economy, concessions to the 
peasant and the small enterpre- 
neur held no political dangers. 

The weakness of the NEP was 
that it did not produce the capi- 
tal resources to industrialise 
the country and the cities were 
not able to produce enough for 
the peasants to buy. These prob- 
lems Stalin resolved fay simply 
expropriating Ute peasantry 
and devoting all resources to 
building industrial plant. 

Echoes of the debates of the 
1920s have been increasingly 
common in Moscow over the last 
18 months. There is no chance 
that the collectivisation of agri- 
culture win be reversed but re- 
forms already introduced and 
likely to be reinforced both in- 
crease the scope for family 
farms, allow state and collec- 
tive farms to sell a proportion of 
their output at market prices 
and encourage private enter- 
prise in provision of services. 

Bukharin was probably never 


8 realistic alternative to Statia 
as Soviet leader and he de- 
scribed himself as "the worst or- 
ganiser in Russia.” Along With 
other Soviet leaders after the 
death of Lenin he was compre- 
hensively outmanoeuvred by 
Stalin. 

Defeated in 1929, Bukharin 
survived until Us appearance 
as the principle accused hi the 
most famous of the show trials 
in which he defended himself 
against charges of espionage 
and plotting the assassination 
of Lenin. He was shot on March 
15 h 1938 along with 17 other eld 
Bolsheviks after the trial end- 
ed. 

But in addition to growing fa. 
shionability of some of his eco- 
nomic and social theories 
amo ng present day Soviet intel- 
ligentsia the 1920s era is being 
reexamined with renewed in- 
terest as the last period when 
there was a real diset 


in 


setusion of 
the Soviet 


policy options 
Union. 

In August Alexander Chayan- 
ov. Nikolai Kondratiev and oth- 
er economists who had flour- 
ished under the NEP and 
executed in the great purges 
were also rehabilitated. Tbe Im- 
portance of this, as with the re- 
habilitation of Bukharin, Is that 
their views now have the stamp 
of official approval and their 
writings will be reissued. 

The works ofChayanovfer in- 
stance, regarded as the greatest 
russian agronomist who argued 


long that russian peasant farming 
deal could be modernised through 
the cooperatives, are to be issued tt 
four volumes starting next year. 

The question of the rehabili- 
tation of Bukharin emerged un- 
der Khrushchev to the 1950s but 
after Leonid Brezhnev came to 
power in 1964 Soviet encyclope- 
dias still described him as 'an 
anti-Leninist* and "pseudo-bol- 
shevik*. 

Today an important aspect of 
the tension between party lead- 
ers who want thoroughgoing po- 
litical reform and those who 
want "perestroika without ex- 
cesses" is differing attitudes to 
the 1989s and above all to col- 
lectivisation of agriculture and 
to the great purges. 

In this debate the degree to 
which it fa admitted that there 
were alternative policies to 
those ultimately pursued fay 
Stalin is of great significance. 
The way Soviet society is run 
jelled during the 1930s and the 
return to political respectabili- 
ty of Bukharis is a measure of 
the degree to which that mould 
can now be broken. 


These days, 
business travellers 
are pampered 
everywhere. 


But 

rarely with 
a choice of 
three classes. 


Sure, a lot of airlines offer business travellers a host of amenities, friendly air hostesses and stewanis, courteous 
ground personnel, modem fleets and well-trained pilots. But Swissair is the only one to offer the luxury of a 
choice of three classes - First, Business and Economy - on all its aircraft. Not only on long- 
haul flights, but also throughout Europe. Which, simply stated, puts Swissair in a class by itself. 


swissair 





f inancial Times Tuesdav October 6 1 987 




EUROPEAN NEWS 




US BINARY WEAPONS PRODUCTION THREATENS TREATY, SAYS GENERAL 

Soviet anger at chemical arms plan 


Vt WILLIAM DULLFORCE M MOSCOW 

THEUSdecision to resume pro- State, and Mr Eduard Skevard- 
doction of chemical weapons on nadze, his Soviet counterpart, 
Was harshly criti- Mr Karpov said. It was difficult 
cfeM by the Soviet Union yes- to understand why the US was 
teraay. starting: a new spiral in the arms 

Fresioent Ronald Reagan’s race, if It wanted to conclude a 
programme to make so-called i«liaiiiif»n l maa pn mi Kan 

binary weapons could torpedo The US - stopped making 
the international convention chemical arms in 1968, While 
ranmng chemical weapons now the Soviet Union continued un- 
close to completion in Geneva, til Mr Mikhail Gorbachev an- 
Lt-Gen Anatoli Kiinsevitch, dep- noonced last April thatlt was to 


uty head of the Soviet chemicals 
warfare department, said. 

Moscow's attack was launched 
at a news conference In the For- 
eign Ministry marking the end 
of the visit by more than 100 for- 
eign diplomats, .defence experts 
ana journalists to the Soviet 
Union's hitherto super-secret 
chemical weapons site at Shik- 
hany. 


cease production. Mr Max 
Fried ersdorf, head of the US 
delegation at the Geneva talks, 
explained that Washington's 
new programme to manufacture 
binary weapons was being un- 
dertaken to counter the imbal- 
ance between Soviet and US 
stockpiles of chemical weapons. 

But, he added, the US Con- 
gress would be pleased to dis- 



No other country in history continue the programme, if a 
had put its chemical weapons treaty banning chemical weap- 
on display as the Soviet Union 
had done at Shikhany, Col Gen 
Vladimir Pikalov, head of Sovi- 
et chemical warfare forces, 
said. Its openness meant that 
the fete of the chemical weap- 
ons convention now depended 
not on technical issues but on 
political decisions. . . 

Mr Victor Karpov, head of the 
Foreign Ministry’s control 
department, accused the US of 
marking time on tike conven- 
tion. Nothing positive on chemi- 
cal weapons had emerged from 
the meeting in Washington last 
month between Mr George 
Shultz, the US Secretary of 


ons were reached. Why was it 
more difficult for the Soviet 
Union to negotiate, while the 
US produced binaries, than, it 
had been for the US to go on 
negotiating for the past 1 2 years 
while the Soviet Union was 
manufectnring chemical weap- 
ons, Mr Freidersdrof asked? 

Binary weapons contain two 
harmless chemicals which be- 
come lethal when combined. 
Some US and Nato officials be- 
lieve that the US decision to 
make them has been instrumen- 
tal in motivating Moscow to 
push hard this year for a chemi- 
cal weapons ban and to make- 


KmsevitckrwarniBg 
major concessions, such as ac- 
cepting other countries’ right to 
inspect its plants on challenge. 

France, too, came under Sovi- 
et fire yesterday. The French 
demand that countries with 
smaller chemical warfere capa- 
bilities should be allowed to re- 
tain stocks and go on modernis- 
ing their weapons until the 
superpowers' had reduced 
theirs raised the question 
whether a complete ban could 
be achieved, Mr Karpov said. 

Soviet spokesmen dealt 
roughly with the doubt voiced 
by some visitors to S hikh a n y 
that all Soviet chemical agents 
and weapons had been shown 
and with calls for Moscow to de- 
clare the localities and size of 
its stockpiles. 


Col Gen Pikalov insisted that 
the Soviet Union had at its dis- 
posal ’no special types of chemi- 
cal weapons not possessed by I 
the West’ He maintaj n fd that' 
Soviet stocks were only on a par 1 
with those of the West, 

Moscow would discl ose its 
stockpiles once the convention 
had been ratified, he stated. So 
fer, no other state had put fig- 
ures on the volume of its stocks 
(the US has given percentages 
for the different types of chemi- 
cal agents held). 

At the end of the news confer- 
ence US officials handed out a 
US army paper disclosing the 
locations of its eight stockpiles 
on the US mainland and one on 
Johnson Atoll in the Pacific. 

Western officials argue that 
Moscow must provide more in- 
formation about its stockpiles 
before a convention can' be 
agreed. A hint that their argu- 
ment might be heard came in an 
obscure remark by Col Gen Pi- 
kalov that 'on the basis of confi- 
dence-building measures these 

S uestions might be resolved 
ie decisions of political 
era.’ 

•Mr Karpov was fer more op- 
timistic about the prospects for) 
a US-Soviet agreement to de-' 
stray their intermediate-range 
nuclear weapons. Negotiators! 
in Geneva should be able to] 
conclude a draft agreement in; 
tune for Mr Shultz’s visit to< 
Moscow towards the end of No- 
vember. 


Chirac backs wider defence links with UK 


BY IAN DAVSSON M PARIS 

Franco-British defence co-oper- 
ation "in all fields", including 
nuclear, has received new sup- 
port from Mr Jacques Chirac, 
the French Prime Minister. 

In an Interview in the weekly 
news magazine Le Point, Mr 
Chirac has reiterated his advo- 
cacy of a stronger mm more in- 
dependent European defence 
effort, starting With the Franco- 
German relationship. 

But he has also, more inter- 
estingly, endorsed the idea that 
there is Ian evident conver- 
gence of interests between 
Great Britain and France, both 
of which have national deter- 
rents and make a decisive con- 
tribution to the security of Eu- 
rope". 

In March, Mr Andre Giraud, 
the French Defence Minister, 
and Mr George Younger, his 
British counterpart, agreed that 
they would start 'discussions on 


defence co-operation, including 
the background issues affecting 
their two countries’ nuclear de- 
terrents. During the past six 
months they have had a series 
of meetings on the subject, in- 
cluding one last week, at which 
the French were manifestly 
more keen than the British to 
emphasise the nuclear aspect 

This technical rapproche- 
ment between the two defence 
ministers has until now ap- 
peared to be out of step with the 
purely political, not to say ideo- 
logical, inclinations both of the 
Prime Minister’s office and of 
the Presidency. 

Traditionally, Ganllists have 
stressed the differences be- 
tween Britain and France on 
the unclear issue, making much 
of the contrast between 
France's independence, and 
Britain's dependence on the 
USu 


It has also been sustaine d by 
the constant public manoeuvr- 
ing between Mr Chirac and his 
putative rival in next spring’s 
presidential elections, Presi- 
dent Francois Mitterrand, in. 
which both men have sought to' 
Haim the legitimacy of General 
Charles de Gaulle's strategic 
heritage, starting with the spe- 
cial relationship between 
France and West Germany. 

Mr Mitterrand stole a publici- 
ty man’ll on the Prime Minister 
last month, when he announced, 
at the conclusion of large-scale 
Franco-German military ma- 
noeuvres. the projected estab- 
lishment of a .Franco-German 
Defence Council, which, he sug- 
gested, might eventually be 
joined by Italy, and Spain. What 
made this suggestion particu- 
larly pointed, was the omission 
of any reference to Britain. 

In his Le Point interview, Mr 


Chirac took a sour view of the 
idea of a Franco-German De- 
fence Council, warning that 
'symbolic steps, however spec- 
tacular, could In the end lead to 
disappointment for those who 
were hoping for a great, deal 
more.* 

Bnt he also gave more empha- 
sis t hnt * has been customa r y to 
the importance of Franco-Bntr 
ish relations. _ 

■Nothing lasting can be done 
in Europe,* he said, “without a 
profound understanding be- 
tween France and Getmutf. 
Bnt there are other realiti es ol 
which we must take the greatesJ 
account. I am thinking in partic- 
alar of the obvious convergence 
of interests between Britan 
and Franee-Our two countries 
have a natural vocation to co 
operate more actively In even 
domain.” I 


Danish tax 
shift aimed 
at boosting 
exports 

By HBary Bamea hi Copenhagen 

DENMARK’S MINORITY coali- 
tion Government is devising tax 
adjustments to Improve the in-' 
temational competitiveness of 
Danish business Iff almost 10 
per cent over the next three 
years. Hr Palle Simonsen, the 
Finance Minister, said yester- 
day. 

*We hope to get the benefits ot 
a devaluation without the nega- 
tive consequences,* he said. 

A programme of unproved de- 
preciation write-offs and more 
liberal rules for the use of tax- 
free investment reserve alloca- 
tions would improve export 
competitiveness by 3 to 4 per 
cent, he estimated. 

These measures would bel 
topped up by changes in em- 
ployer social security taxes,; 
which will both be reduced and 
levied on a different basis than, 
the present per capita system, 
he said. The details, how ever J 
were still being worked out 

The two sets of measures will 
be among the main items in the 
Government's programme for 
the coming session of the Folk- 
eting. This resumes work today 
Following the September 8 gen- 
eral election, with a policy 
statement from Mr Poul Schlue- 
ter, the Prime Minister. 

The coalition was weakened 
by the election, which did not, 
however, provide a basis for an 
alternative government Mr 
Schlneter has -already warned 
that if the Government was un- 
able to carry on, he would call 
another election. 

The country feces two years of 
negative GDP growth in 1987 
and 1968, with a decline of 0.75 
per cent in each year, according 
to forecasts published yester- 
day by the Economy Ministry. 

' Export market shares will be 
lost as a result of an increase in 
hourly wage rates in the private 
sector of 9.5 per cent in 1987 and 
7.75 per cent in 1968, said the 
survey. 

But there will be a decline in 
domestic demand and imports, 
with the current external ac- 
count deficit dedinlngfrom last 
year’s record DKr 34J5bn (£3 bn) 
to about DKr 20bn in both 1987 
and 1988, it predicted. 

Unemployment is expected to 
rise from 8£ per cent this year 
to 9-2 per cent in 1988, while 
consumer prices increase by 4| 
percent in 1987 and 3J» per cent! 
in 1988. I 


France casts off its 
kid gloves in 
anti-Eta campaign 


BY DAVD WHITE IN MADRID 

THE HANDING over to Spanish 
police of be twee n 40 and 50 
Basque exiles in the course of 
the weekend and yesterday 
morning marks a change of gear 
in France’s collaboration with 
the Madrid authorities in com- 
bating terrorism. 

The deportations bring to 
more than 130 the number of 
Spanish Basques handed over 
after being detained on the 
French side of the border since 
July last year when the Chirac 
government invoked controver- 
sial new procedures against 
residents allegedly linked to 
the Eta terrorist organisation. 

Up to now the expulsions had 
been made one or two at a time, 
demonstrating French cautious- 
ness in the face of possible vio- 
lent reactions in the French 
Basque region. 

The latest deportees, includ- 
ing several accused of involve- 
ment in Eta killings, were 
among about 100 held by 
French police In their biggest- 
ever round-up of Eta suspects, 
following the arrest a week ago 
of one of Eta’s leading figures, - 
Mr Santiago Arrospide, alias 
Santi Petros. Several others, 
were expected to be expelled! 
from France to Algeria. 

Numerous arrests have also 
been made in the Spanish. 
Basque country and in Saragos-j 


sa'on the basis of documents 
found by French police. Span- 
ish newspapers said the docu- 
ments showed that Eta had 

been planning to kidnap or as- 
sassinate a senior Spanish 
banker, Mr Rafael Martinez 
Cortina, vice-chairman of the 
state-controlled Banco Exterior 
de Espana. 

Meanwhile, Mr Felipe Gonza- 
lez, the Spanish Prime Minister, 
called in the former centrist 
Premier, Mr Adolfo Suarez, for 
a surprise meeting yesterday in 
his bid to forge a consensus on 
terrorism between different po- 
litical parties. 

Mr Jose Antonio Ardanza, 
president of the Basque re- 
gion's coalition government, 
said yesterday that the French 
action was not necessarily the 
biggest blow against Eta in re- 
cent years but was certainly 
•very important* 

The extremist Basque party 
Herri Batasuna (People’s Unity) 
said it was part of a planned 
campaign of repression to force 
imprisoned and exiled Basque 
militants to accept Madrid's of- 
fer of 'reinsertion.” Some 1,500' 
people demonstrated in the 
Spanish Basque resort of Zar- 
auz on Sunday against the 
French round-up and French 
cars were set alight in San Se- 
bastian and Pamplona. 


Current account deficit In 
Greece nearly halved 

BY ANDRIAHA KHODMCONOU IN ATHENS 


G REEC E HAD a current ac- 
count surplus for the second 
month running in August, re- 
ducing the deficit for the first 
eight months to $7 12m com- 
pared to $L31bn for the same ■ 
•riod last year. Under a stabi- 

lation programme launched 

two years ago, the authorities 
aim to reduce the current ac- 
count deficit from $L704bn in 
1986 to $L25bn this year. 

The improvement mainly re- 
flects a 33.3 percent increase in 
invisible earnings, including a 
20.7 per cent rise in tourism rev- 
enue, a 37.2 per cent rise in 
worker remittances and a 52 per 
cent increase in European Com- 1 
m unity receipts, which reached 1 
$L340bn in tile January-August 
period compared to $887.6m in 
the first eight months of 1986. 

By contrast the trade deficit 


widened by 19.7 per cent, to 
$4£55bn, reflecting an increase 
in both oil and non-oil import 
costs coupled with a fell in reve- 
nue from petroleum related ex- 
ports. Non-petroleum export 
earnings went up by 22.9 per 
cent 

The Bank or Greece noted 
that the improvement in the 
current account had been ac- 
companied by an increase in 
non-debt private capital inflow,' 
which reached $834m in the 
first eight months of this year, 
compared to $673m in the same 
period in 1986. Thus net foreign 
borrowing in the first eight 
months, which reached 5938m, 
was used to boost foreign ex- 
change reserves. Excluding 
gold, these went up from 
$L109bn at the end of 1986, to 
5&504bn at the end of August 


Bonn signs 
pollution 
pact with 
Prague 

By Leslie Colltt In Berfin 

WEST GERMANY yesterday 
signed an environmental pro- 
tection agreement with Cze- 
choslovakia which, along with 
East and West Germany, is a 
major polluter of the air in cen- 
tral Europe and the alleged 
source of acid rain which is de- 
stroying forests in northern Ba- 
varia. 

The accord followed one be- 
tween East and West Germany 
last month. They are expected 
to lead to a transfer of West Ger- 
man anti-pollution technology 
for use in lignite-fuelled power 
stations in the two Eastern 
countries which are the chief 
polluters. 

Under yesterday's agreement 
there is to be a reduction in- 
cross-border air and water pol- 
lution (the Elbe River rises in 
highly industrialised northern 
Bohemia and crosses East and 
West Germany) by using sul- 
phur dioxide 'scrubbers’ in 
power stations and jointly-de- 
veloped water pollution equip- 
ment 

Czechoslovakia emitted 3.3m 
tonnes of polluting sulphur di- 
oxide into the air in 1982, ac- 
cording to a study last year by 
the German Institute of Eco- 
nomic Research (DIW). East 
Germany emitted 5m tonnes 
and West Germany 3m. 

The report expressed doubt 
whether Czechoslovakia could 
reduce its emissions by 1993 to 
30 per cent below the level of 
1980 as it pledged last year to 
the Economic Commission for 
Europe. 

Co-operation between West 
Germany and its Eastern neigh- 
bours on environmental protec- 
tion is now closer than between 
the members of Comecon, 
whose officials mainly accuse 
each other of being the worst 
polluters. 

Comecon's Environmental 
Protection Council holds gener- 
al discussions on ’major tasks' 
up to the year 2000 but there is 
little action. The main reason is 
the enormous cost involved in 
cleaning up the environment, 
and the lack of adequate tech- 
nology. 

Most Comecon countries have 
long had legislation to punish 
their environmental offenders 
but fines are normally low. 
Many state factories calculate 
the costs of such fines as part of 
their overall -operating ex- 
penses. 




You don’t 
buy anew 
house because 


you run out 


The same is true 
of computers . 



the old one. 




bigger cabinets 


It’s almost unavoidable. 

Whether it’s a PC with two floppy drives or an 
advanced hard-disk machine, sooner or later 
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computer, the 
sooner that day 
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more files, new appli- 
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loaded mainframe data. 

Reading computer adver- 
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new. Too costly for you? Wfell then, how about a 
new or a second hard disk? Too complicated? 

It's a dilemma. 

That’s where Hardcard™ enters the picture. 

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You simply slot it in (the only tool needed is a 
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user training. 


C?S 


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Hardcard can be installed in personal com- 
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Financial Times Tuesday October 6 1987 


OVERSEAS NEWS 


BY ANDREW WHITLEY IN KUWAIT 


THE TRANSFORMATION of Ku- 
wait from oe oil-based economy to a 
centre for globally integrated ser- 
vice industries, utilising the coun- 
try's immense financial resources, 
has been foreshadowed by a senior 
Kuwaiti official. 

An internal debate on the vision- 
ary plan is under way within the 
ruling elite, according to Dr Fahed 
al-Rashed, managing director of the 
Kuwait Investment Authority, KIA, 
who said decisions were likely with- 
in the coming 12 months. 

The change of focus results from 
a longstanding awareness of the 
sheikhdom's vulnerability to oil 
price fluctuation, coupled with a 
more recent realisation that its non- 
oil sector remains very small and 
growth potential may well be inade- 
quate. 

Emerging from a four-year reces- 
sion - from 1982 to 1986 - preceded 
fay 20 years of uninterrupted, ex- 
ponential growth, this wealthy mi- 
ni-state has thus taken the opportu- 
nity to make a far-reaching reas- 
sessment of where it should be 
beading next 

The KIA head, one of the most re- 
spected figures in the administra- 
tion, said a clear preference had 
emerged for Kuwait to capitalise on 
its historic preference for trade 
over industry. 

"We are not an industrial or agri- 
cultural society,” he said. "We are a 
trading country and people.” 

Kuwait could become both a base 
for regional services and the head- 
quarters for any area of business 
which would benefit from the inte- 
gration of worldwide interests, ex- 
plained Dr Rashed. 


Nor would this be restricted to fi- 
nancial services, such as the off- 
shore banking neighbouring Bah- 
rain has made its speciality. 

One possible investment area 
was the hotel industry. With foreign 
reserves of £86bn - exceeding those 
of Saudi Arabia - and investment 
income last year estimated at 
$8-9bn, the oil producer thus ap- 
pears poised to put its financial 
muscle to more productive use than 
simply acquiring the best possible 
return on a highly diversified in- 
vestment portfolio. 

Id approaching what could be a 
seachange of historic importance, 
the Supreme Planning Council, an 
appointed body with representa- 
tives from government and the pri- 
vate sector, was said to be also tak- 
ing into account the country’s small, 
but well educated, population. Its 
100-year oil reserves and the ab- 
sence of external borrowing. 

Although there are still too few 
qualified personnel, during the 
1960s and 1970s Kuwait's physical 
and institutional infrastructure was 
almost completed, preparing it to 
enter this next phase of its develop- 
ment 

According to Dr Rashed. over the 
years Kuwait has deliberately 
spread its foreign investment risks 
as widely as possible in terms of 
geography, currencies and types of 
assets. 

The interest of a decade ago in 
acquiring significant equity hold- 
ings in the industrialised economies 
has long faded. In its place, the se- 
nior official noted the attractive- 
ness for Kuwait these days of natu- 
ral resources-based economies. 


Colina MacDougall on the background to last week s bloody riots 

The spark which lit a Tibetan fire 


revolted and the Dalai Lama 
and many supporters fled to In- 
dia 

Horrific damage was done to 
Tibet in the 1966/70 culturuai 
revolution. At the end, only sev- 
en out of around 6.000 temples 
remained standing. More than 
lm Tibetans died in those years 


TENSION HANGS over the Foreigners in Lhasa last week are the leaders in the cause and many supporters fled to In- 

streets of Lhasa, capital of the were impressed with the Independence. . .. 

wild mountain region of Tibet, strength of feeling against the Tibetans now fear the wiai Horrific damage was done to 
as it awaits the 37th anniversary Chinese. Tibetan monks ap- dertruction by tne Chroese Tjbet . r ^ CQltaruaJ 

of the Chinese occupation on peared ready to give up Bud- their distinctive cuuure . revolution. At the end, only sev- 

October 7. The Chinese are lick- dhist non-violence in fe Jour of had been pressing .the Dalai L* revoimion^ 
ing their wounds after two dem- taking to guns, while linden ma to attract work [attention ito 

onstrationa last week calling for ground pamphlets called for their plight. In ' ”*ent lmTibetans died in those years 

more freedoms and Tibetan United Nations support. their alarm at etbmcChinese orSiSSpSSS 

prisoners are still languishing The Chinese, always highly immigration has . so ^ re ^ while the now disgracedformer 
in gaol - a focus for more disbud sensitive to events inTlbrtbS nese see Tibet as just one more ijSSmthTyE 

bances. cause of their doubtflil right to tourist resource to be ex- edtotft? TibetaS 

Last month two monks were be there and their conscious- plotted," said one observer. liao^fof 1 Chinese behaviour 

executed and a third Tibetan ness of Tibetan nationalism as According to the Dalai Lamas m i^for 
sentenced to death for "criminal an enduring fhetor, have been statement in Washington last rl -JrJIJL. then to the mans* 

activities" in a clean-up ordered temporarily floored by these month, the popufo^n of etbmc pure ; since then tout mow 

all over China to precede this events. Last Saturday they un- Chinese on the Tibetan P lat ^* needs 0 r the profitable 

month’s meeting of the Party wisely put the blamedn the Da- (which includes Qinghaiprov- Jo;* 1 ®"®™®®; ine 
Con^J^^irtion.swm tai Lama for the rtotence, md i^e. tradiuoaallj part of Tibet. Dalli 


as a result of Chinese policies. 
While the now disgraced former 

party general secretary Hu Yao- 

bang apolgised to the Tibetans 
in I960 for Chinese behaviour, 
Tibetans believe that the ve- 


to have been, in the late Chair- on Sunday shifted it to two as well as the Tibet Autono- 
man Mao’s words on another oc- American visitors in Lhasa, mous Region; is now 7_5m, eom- 
casion, the spark which started Calling the Dalai Lama names pared to only 6m Tibetans, 
the praizyf&re. alienates Tibetans still Anther On and off through the centu- 

ries Tibet had a loose religious 


the prairy fire. alienates Tibetans still Anther On and oft through the centu- 

The troubles began with a and attacking the US risks dam- ries Tibet had a loose religious 
demonstration nine days ago in aging their key relationship and political relationship with 


Lhasa, the first overt Tibetan- with Washington. 

Chinese confrontation for 10 For more u»«n a mQennium fall of the Mancbu dynasty in 
years. Some Tibetans were ar- Tibet has been Buddhist, ruled Peking in 191L Then, for 40 
rested, and on October 1 monks by Lamas for over 600 years, years the two countries went 
again took to the streets of Lha- and specificiaUy by the Dalai their separate ways. When Com- 
sa, calling for freedom and the Lamas since the 17th century, munism triumphed in China m 
release of the prisoners. This "Buddhism is like the Catholic 1949, Chinese armies invaded 


the Chinese Emperor until the 


tourist industry. 

Since May. the Dalai Lama, 
aware of the rising tension with- 
in Tibet, has been seeking West- 
ern support in a move to pres- 
sure the Chinese into reopening 
discussions on the status of Ti- 
bet He is not seeking indepen- 
dence for the territory, but a 
Chinese military withdrawal, an 
end to Chinese immigration and 
the restoration of human rights 
and democratic freedom. 

If the Chinese do not with- 


ended in bloodshed on both church in Poland," said Mr Tibet and set about spreading draw, he noted in Washington 

„ sides, confirmed by tourist eye- Frederic Hyde Chambers, unof- the Marxist faith. J** 1 month. "Tibetans wuwan 

A man carries a rhiH jmmdrii h. g-.n^ ■ ■ «. _ . ' witnesses, with Tibetans saying ficial spokesman for the Dalai When Chinese policies tight- be no more than a tounst attrae- 

A man carries a chiM wounded by gunfire In Lhasa last week that 19 oeonle had died. Lama in London. The nriests -ned in the late 1950s. Tibetans tioo and relics of a noble past" 


that 19 people bad died. 


Lama in London. "The priests ened in the late 1990s, Tibetans 


Egypt votes for president Ss* 


BY TONY WALKER M CAIRO 
EGYPTIANS WENT to the polls 
yesterday in a presidential 
election that appeared to excite 
little enthusiasm among the 
populace. 

The election campaign, or- 
chestrated by the slate propa- 
ganda apparatus, has been 
characterised by some extrava- 
gant claims of mass support for 
President Hosni Mubarak. 

Mr Mubarak, who is generally 
regarded as having performed 


creditably tinder difficult cir- 
cumstances, was the sole candi- 
date nominated by the Peoples 
Assembly. Mr Mubarak's cen- 
trist National Democratic Party 
controls three-quarters of the 
seats in parliament, where a 
two-thirds vote is needed to en- 
dorse a presidential candidate. 

. Egypt's 14m voters were then 
asked to either vote "yes' or "no* 
in a national plebicile. 


Maxwell in 
Macao 
TV talks 

By David DodmaB In Hong Kong 

MR ROBERT MAXWELL, 
chairman of of Maxwell Com- 
munications Corporation of 
the UK, yesterday flew into 
Bong Boag in bis private Jet 
for disenssions In the nearby 
Portuguese territory of Macao 
on the purchase of a proposed 
Cantonese language television 
cfaanneL 

At the same time, television 
authorities in Hong Kong and 
Macao remain in dispute over 
plans being prepared by Tde- 
dlAisao de Macao, the Portu- 
gese territory's television mo- 
nopoly, to boost the strength of 
transmission signals so that 
viewers in Hong Kong can 
watch their programmes. 

Hong Kong authorities are 
alarmed that they will have no 
censorship powers over TDM's 
programmes. They also fear 
that cigarette advertisers, re- 
cently banned from Hong 
Kong screens, win use TDM as 
a ’backdoor" to the British ter- 
ritory. 


African nightmare of the would-be trader 


BY NICHOLAS WOODWORTH M ABIDJAN 


SECURING A £500.000 bank 
loan to set up a new business 
can be difficult in the West But 
in Africa, obtaining private sec- 
tor finance can be nightmarish. 
Government obstruction, inac- 
cessible lines of credit and un- 
scrupulous European contrac- 
tors may be just the beginning 
of a would-be entrepreneur’s 
trials. 

Mr Xean-Baptiste Kwame is 
typical of a growing number of 
African businessmen who, hav- 
ing established themselves as 
traders, wish to set up in local 
manufacturing. A year ago Mr 
Kwame, a Cameroon business- 
man with savings of $540,000, 
decided that rather than invest- 
ing overseas he would put his 
money into Cameroon's nascent 
agro-business. 

A feasibility study indicated 
that with a $1.6m investment an 
egg and poultry production unit 
just outside the capital of 
Yaounde would yield a comfort- 
able profit margin. 

A local government-owned 
development bank agreed to fi- 
nance the project, and the turn- 


key construction contract was 
awarded to a Belgian company. 

Six weeks after building be- 
gan the Belgian contractor de-. 
cided to abandon the project - 
the Cameroon bank had default- 
ed on another financial venture 
in which the company was in- 
volved. 

Mr Kwame's egg and poultry 
project would never have suc- 
ceeded in any case. Without 
technically competent credit 
controllers the Cameroon bank 
had been incapable of judging 
the feasibility of the project 
And Kwame himself impressed 
by the superior knowledge 
shown by his European contrac- 
tors, never dreamed that he was 
not in the best of company. 

The Belgian company had In 
fact done what has been done 
countless times in Africa: sold 
as much machinery with as lit- 
tle investment on its own part as 
possible. They had broken al- 
most every rule of veterinary 
science, and Kwame's invest- 
ment would would have been 
wiped out with the first inevita- 
ble wave of poultry disease. 


Such are the risks taken by 
every African entrep re neur 
seeking to get a business initia- 
tive oft the ground, according to 
the Africa Project Development 
Facility (APDF). Devoted to the 
promotion of free enterprise in 
Africa, the Facility, operational 
since 1996, is currently assisting 
27 projects in West Africa 
alone. 

Sponsored by the UN Devel- 
opment Programme, the Inter- 
national Finance Corporation, 
and the African Development 
Bank, the APDF Is funded by a 
$17m contribution from 12 West- 
ern donor nations including the 
US, Germany, Switzerland, Can- 
ada and Belgium. With a brief to 
support medium-sized projects 
with an invest m ent range be- 
tween $0.5m and $5m, it is tar- 
geted on initiatives that are nei- 
ther small enough to be 
financed through local banks 
nor eligible for larger loans 
granted by Western agencies for 
public sector development 
The APDF does no financing 
itself It puts African entrepre- 
neurs in touch with commercial 


lending Institutions and reputa- 
ble contractors. It then ar- 
ranges financing packages for 
them. In theory, APDF has no 
objection to working with Afri- 
can banks and contractors. In 
practice, almost all loans and 
contracts are issued from Eu- 
rope. 

This is a free market opera- 
tion’, says Mr Pierre Gyss, a 
project development expert 
with APDF. ’Our sole aim is to 
make available to tbe entrepre- 
neur the best service at the low- 
est price. If an African bank can 
provide that, that's fine. Usually 
It cant* 

In addition to arranging turn- 
key packages, APDF conducts 
the pre-feasibility studies that 
African lending institutions are 
not usually equipped to cany 
out 

Most free enterprise projects 
in Africa fall, says Mr Gyss, be- 
cause they are conceived in ig- 
norance of market and interna- 
tional banking conditions. 
'African entrepreneurs make 
highly successful short-term op- 
erators’, fae says. "But when it 


comes to long-term higher fi- 
nance, they can be hoodwinked 
by devices as simple as good let- 
terheads and glossy brochures. 

In the short time they have 
been in existence, APDFs re- 
gional bureaux in Abidjan and 
Nairobi have assisted projects 
ranging from prawn-packing 
plants and zip-manufacturing to 
diamond -cutting 

irtfae future of free enterprise 
in Africa remains uncertain. - 
APDF continues to encourage 
growth. With the APDF name 
now beginning to have an im- 
pact on banks and entrepre- 
neurs alike, staff expect de- 
mands on their services to 
multiply. 

There is no telling how 
healthy the private sector in Af- 
rica may be in 10 years from 
now, but one thing is fairly cer- 
tain: if you eat a chicken dinner 
in a Yaounde restaurant it is 
probably one of Mr Jean-Bap- 
tiste Kwame's birds. His was 
one of the businesses that this 
year, with a little help from 
APDF, finally got oft the 
ground. 


MANNESMAN!* 


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Every little girl inside a Volvo 740 GL Estate 
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6 


Financial Times Tuesday October 8 1887 


AMERICAN NEWS 


Ford and VW in 
Brazil suspend 
sales of cars 


BY ANN CHARTERS IN S AO PAULO 


THE holding company for Ford 
and Volkswagen in Brazil, Auto- 
la Lina. suspended domestic 
sales of cars last week, citing an 
unacceptably low price in- 
crease authorised by the Gov- 
ernment Car manufacturers 
had requested 30 per cent rises 
and were granted 10.84 per oenL 

Mr Wolfgang Sauer, president 
of Autolatina, said at the week- 
end that car manufacturers 
were becoming decapitalised as 
a result of successive govern- 
ment decisions to allow price 
increases that did not cover 
costs. Companies should not be 
in the business of subsidising 
cars for consumers as part of 
the Government's attempt to 
control inflation, he said. 

The domestic market will not 
feel the effects of Autolatina's 
decisions immediately because 
car dealers have some stock. 
But since Ford and Volkswagen 
account for 56 per cent of the 
domestic market, a prolonged 
refusal to supply their dealer 
ships will have a strong impact 
Together the companies sell 
26,000 cars a month through 
1,200 dealers. 

Mr Sauer is to meet Mr Loiz 
Carlos Bresser Pereira, the Fi- 


nance Minister, today about! 
government price control in thef 
industry. Among the topics will! 
be discussion of a protocol} 
agreement signed last April be-j 
tween Mr Oiison Funaro, then 
Finance Minister, and AnfaveaJ 
the National Association of Ve-[ 
hide Manufacturers, in whicfcu 
the car manufacturers agreed to! 
increase exports and invest In' 
the industry in return for realis-j 
tic price increases and a gradu-f 
a! reduction in taxes, which ac-j 
count for half the retail price off 
cars. 

Investments have continued 1 
in the industry, albeit at a re- 
duced pace, with Antolatina 
aloue investing $I60m, accord- 
ing to an interview with Mr 
Sauer published in Veja, a 
weekly news magazine, but the 
Government allegedly has not 
kept its end of the deal Mr 
Sauer said that Autolatina had 
run up a loss of $70m this year, 
which could reach 9100m by De- 
cember. 

Mr Sauer, when he was inau- 
gurating a dealership in Sao 
Paulo state last Friday, warned 
that Brazil’s ear industry ran a 
’serious risk of turning into 
scrap iron, as happened in Ar- 
gentina. 


Republicans resist new 
tax moves in Congress 


BY LIONEL BARBER IN WASHINGTON 


CONGRESSIONAL Republi- 
cans. following President Re- 
agan's lead in opposing tax in- 
creases to cut the Federal 
budget deficit are resisting 
Democrat efforts to write new 
legislation aimed at raising rev- 
enues. 

The Republican guerrilla 
campaign has raised fears 
among Democrats that they may 
have to swallow an unpalatable 
alternative to tax rises: $23bn of 
across-the-board cuts mandated 
under the revised Gramm-Rud- 
m an- Hoi lings budget balancing 
law passed last week. 

Democrats, who have majori- 
ties in both the Bouse of Repre- 


sentatives and the Senate, are 
afraid they may face unpopular 
cuts in social programmes prior 
to next year’s presidential elec- 
tion. 

Republicans on the tax-writ- 
ing House Ways and Means com- 
mittee resisted efforts last week 
aimed at drawing up a $12bn tax 
increase which the Democrats 
want as part of their $23bn defi- 
cit reduction package. 

Congress is due to adjourn on 
November 10 at the earliest 
which still leaves several weeks 
to iron out differences on the 
budget for fiscal 1968, which be- 
gan on October 1 this month. 


US CHIP INDUSTRY FORECASTS STRONG ADVANCE IN WORLDWIDE CONSUMPTION 

Semiconductors poised for growth 


BY LOUISE KEHOE IN SAN FRANCISCO 


THE WORLD semiconductor indus- 
try is heading for a period of strong 
growth, according to the US Semi- 
conductor Industry Association. It 
predicts a sharp increase in ship- 
ments and in the consumption of 
semiconductors, especially in Asia. 

The worldwide semiconductor 
industry is in the midst of a sustain- 
able economic upturn. We are dos- 
ing the books on one of the most 
painful downturns in our history,'' 
the association declared in its annu- 
al industry forecast 

Total worldwide semiconductor 
shipments, estimated at $32.1bn for 


1987, will rise to $454bn by the’ end 
of the decade, the trade group said. 
Shipments in 1988 are predicted to 
rise to S37.8bn. 

The industry trade group pro- 
jected a growth rate, measured in 
dollars, of 21.8 per cent in 1987. The 

rise rothe value of the yen in rela- 
tion to the dollar, however, reduces 
the gro w t h rate to 12A per cent 

The impact of currency swings 
upon the s em icond u ctor market Is 
indicative of just how global our in- 
dustry has become and how impor- 
tant the Japanese marketplace has 
become," said Mr Wilfred Corrigan, 


chairman and chief executive of 
LSI Logic. 

The US market, which totalled 
S8.5bn in 1986, should grow by 20 
per cent in 1987 and 1988 followed 
by growth of between 6 and 12 per 
cent annually br inging total semi- 
conductor consumption in the US to 
S115bn by 1990. 

The Japanese market, which has 
outgrown the US market, to expect- 
ed tc go through a similar growth 
pattern to reach SITbn by the end of 
the decade. 

In Europe, consumption to ex- 
pected to grow by 17 and 1&5 per 
cent this year and next, respective- 


ly, followed by moderate growth in 
the last two years of the decade 

creating a market by 1990. 

The most dramatic Increases a re, 
however, taking place In the "rest of 
the world" market, which includes 
such Asian electronics centres as 
South Korea, Taiwan, Singapore 
and Hong Kong. 

Consumption of semiconductors 
in tins sector to expected to more 
than double by 1900 from about 
S2bn in 1986 to S5.4bn by foe end of 
the decade. None the less, almost 90 
per cent of semiconductor consump- 
tion will remain in Hie big three 


markets of foe North America. Ja- 
pan and Western Europe, Mr Corri- 
gan pointed out 

Trade tensions between foe ma- 
jor semiconductor producing coun- 
tries will continue to increase, Mr 
Corrigan predicted. “More than a 
year after the US Japanese semi- 
conductor trade agreement was 
signed, the Japanese still are mani- 
pulating prices and supplies by cen- 
trally controlling semiconductor 
production. In addition, US compa- 
nies now have a lower market 
share of the Japanese marketplace 
than before foe agreement was 
signed." 


Californian earthquake claims set to reach $108m 


BY OUR SAN FRANCISCO CORRESPONDENT 


THE CALIFORNIA Office of Emer- 
gency Services has issued a prelimi- 
nary damage assessment of SIQSm 
of which SlOOrn is for damage to pri- 
vately owned structures and SBm to 
public facilities including roads, 
state and local government build- 
ings. 

The assessment to, however, very 


preliminary and does not represent 
total losses, officials said. 

Not jwhidgrf in the estimate is 
the additional damage caused by an 
aftershock measuring 5.5 cm foe 
Richter scale that occurred early on 
Sunday morning *nd 
shocks yesterday. 

There have been more than 100 


tremors since the big 
which measured 6.1 on the Richter 
scale first hit on Thursday doting 
the morning rush hour. 

According to seismologists at foe 
California Institute of Technology 
in Pasadena, the aftershocks may 
continue for days or weeks and 
could be strong enough to cause ad- 


ditional substantial Hwnay_ The 
death toll from the quakes is now 
officially set at three with four fatal 
heart attacks also blamed on the 
earthquakes. 

Hundreds of people have also 
bear injured although few serious 
injuries have been reported. An es- 
timated 10,000 Los Angeles resi- 


dents, most of them immigrants 
from South America with memories 
of devastating earthquakes in Mexi- 
co, £1 Salvador and Guatemala, con- 
tinue to camp in city parks for fear 
that their homes may collapse. 

Damage is most severe in the 
suburban city of Whittier, dose to 
the epicentre of the quakes. 


El Salvador 

talks 

adjourned 

GOVERNMENT and guerrilla lead- 
ers have adjourned peace talks in 
El Salvador and agreed to resume 
them later, Renter reports from 
San Salvador. 

Sunday’s session, which lasted 
seven hours, took place against a 
background o? widespread scepti- 
cism that foe talks would result in 
an early end to the Salvadorean civ- 
il war, which has killed more than 
89,000 people. 

El Salvador's senior Roman Cath- 
olic Church prelate told reporters 
“foe atmosphere is very interesting 
for dialogue." 

Archbishop Arturo Rivera y Da- 
mas did not elaborate, but his depu- 
ty, Monsignor Gregorio Rasa Cha- 
vez, bad said earlier that the two 
sides hod worked out a four-point 
agenda and had agreed on one 
paint before adjourning. 

The meeting resulted from a 
peace plan for Central America 
signed by five presidents, including 
President Duarte, in August The 
pact provides for amnesties, demo- 
cratic reforms and ceasefires in the 
civil wars of El Salvador, Nicara- 
gua, and Guatemala by November 
7. 


US court denies 
libel appeal 

THE US Supreme Chart denied 
a bid by Hr William Tavoula- 
reas, former Mobil president, 
to reinstate a 92m libel award 
against The Washington Post 
for a 1979 article about Us 
business dealings with his sen. 
Reuter reports from Washing- 
ton. 

The justices, without com- 
ment. let stand a CIS Court of 
Appeals ruling last Hazch that 
threw out the libel award 
against the newspaper, for an 
article that said Hr Tneula- 
reas set up his son in a ship- 
ping firm that did business 
with Mobil. 

The article said Mr Taranto- 
reas in 1974 used Us Influence 
to set up his son, Peter, as a 
partner fat the Leaden-based 
AUas Maritime Co, a Arm that 
had a dullnr i 

tract with KobiL 


David Gardner in Mexico City on the PRI leadership selection 

Youth and ability win day for Salinas 


WHEN CARLOS Salinas de Gor- 
tari arrived at the Mexico City 
headquarters of the Institution- 
al Revolutionary Party (PRD on 
Sunday he looted the very im- 
age of the Harvard-trained tech- 
nocrat that be is. 

Elis dark, grey-suited sobriety 
looted almost a calculated re- 
proach to the strong strain of 
populism in Mexico’s long-rul- 
ing party, which had bussed in 
tens of thousands of workers 
and peasants to acclaim him as 
the fiiture President of Mexico. 

Yet in the end it has been Mr 
Salinas’s political abilities, as 
much as his acknowledged 
skill* as an economic manager, 
which must have decided Presi- 
dent Miguel de la Madrid to 
ehoose the young Planning Min- 
ister as his successor, in prefer- 
ence to superficially more obvi- 
ous candidates. 


Mr Salinas, at 39 the youngest 
member of the Mexican Cabi- 
net, has fought a long, disci- 
plined campaign, both in fur- 
therance or the Government's 
programme to redesign the 
foundations of the Mexican 
economy and in pursuit of his 
own ambitions. 

The key throughout has meant 
Mr Salinas’s intellectual empa- 
thy with Mr de la Madrid, with 
whom be has been associated 
since the President was a depu- 
ty treasury minister in 1976. 
This relationship, which goes 
beyond the almost sycophantic^ 
loyalty which all ministers ex- 
press towards Mexico's hugely 
powerful presidents, 
that be has understood more 
clearly than his rivals what it is 
that this particular president 
has tried to achieve. 

‘Mr Saiina* has a mind that 




*Xv-4 »-»■* 




:..l 


Senior Mce President.; 
wtatcfuriseJora 
SertwVScePredrfanb '• 
and Erwin Br u mw i. * * 7 ; 
Senior Vlca PresktenL v 4, : . 





Swiss Bank Corporation and personal investment. 

How private is your investment? 


When you see how vast and impersonal 
the world of investment has become, 
the only “private” aspect sometimes seems 
to be that it’s your money at stake. 

On the other hand, the most private and 
personal way of keeping your money is 
probably to stow it away under the 
mattress. You've got to strike a balance 
somewhere. And we have. 

Along with our international team of 


investment counsellors, we’ve developed 
a wide range of investment vehicles for 
the private dient (a selection of carefully 
selected funds, our own “cash bonds,” 
fiduciary accounts, discretionary port- 
folios, and so on). 

So when you’re making your own 
persona! decision, you can also make 
a professional choice. 

Privately, you'll be glad you did. 


Swiss Bank 
Corporation 

Sctiweizerischer Bankvenein 
Soaefe de Banque Suisse 

The key Swiss bonk 


Genera! Management in CH-4002 Basle. Aeschenplalz 6. and in CH-8022 Zurich. Paradeplatz 6. Over 200 Offices throughout Switzerland. Worldwide ne twork; 
(branches, subsidiaries and representatives) Europe; Amsterdam. Edinburgh. Frankfurt. London. Luxembourg, Madrid. Manchester. Monte Carlo. Paris. North America: 
Atlanta. Calgary. Chicago, Dallas. Houston. Los Angeles, Montreal. New York, San Francisco. Toronto. Vancouver. Latin America: Bogota. Buenos Aires. Caracas. Lima. 
Mexico. Panama. Rio de Janeiro, Sao Paulo. Caribbean: Grand Cayman. Nassau Middle East: Bahrain. Cairo, Tehran. Africa: Johannesburg. Asia: Hong Kong, Osaka. 
Singapore. Tokyo. Australia: Melbourne. Sydney. 

LinUu. Zurich SBV 2286/2 



The President positively drools 
over,’ according to a former 
close associate of them both. 

In. Jane 1988, Mr Salinas, in 
alliance with Mr Manuel Bar- 
tlett, his powerful rival at the 
Interior Ministry, saw off Mr Je- 
sus Silva Herzog, the charismat- 
ic Finance Minister and Cabi- 
net star still widely viewed as 
the man who would have been 
the most plausible next presi- 
dent 

Mr Silva resigned in the mid- 
dle of bitter negotiations with 
Mexico’s creditors, accused by 
the regime of being disloyal, of 
not being a team player, and of 
exceeding his powers by warn- 
ing publicly tM Mexico 
break with the IMF and call a 
moratorium on its glOObn for- 
eign debt 

In r etrospect, what Mr de la 
Madrid almost certainly feared 
*was that his stnctural reforms 
Would be sub me r ged under the 
wave of populism which would 
inevitably follow a popular 
move like a moratorium. Mr Sa- 
linas understood this; Mr Silva 
apparently did not 

The Planning Minister, with 
Mr SUva’s successor at the Trea- 
sury. the financial technician 
Mr Gustavo PetricJoli, contin- 
ued with a hard negotiating, 
rather than confrontational, 
stance, which is all Mr de la 
Madrid feels can be achieved 
under his government, as he un- 


derlined last month in his state 
of the nation address. 

Then, this June, came what at 
least publicly was the decisive 
stand-off with Mr Alfredo del 
Mazo, the Energy and Parastate 
Industry Minister, whom Mr Sa- 
linas is understood to have 
slapped down three times in 
Cabinet because of bis timid ap- 
proach to restructuring the pub- 
lic sector and towards acceler- 
ated import liberalisation. 

In two set pieces as dramati- 
cally precise as classical ballet, 
both men . organised interna- 
tional seminars in June- Mr del 
Mazo's on 'industrial reconver- 
sion,’ Mr Salinas’s on ’structural 
reform and economic moderni- 
sation.* 

Mr del Mazo held a sumptu- 
ous reception at a plush resort, 
with a ragbag of off-the-peg 
speakers, designed to be an 
overwhelming show of corporat- 
ist muscle by assembling Mexi- 
co's political clans and barons 
in apparent support of his can- 
didacy. 

Mr Salinas, by contrast, as- 
sembled top-flight economic ad- 
visers to the Soviet and Chinese 
leaderships, assorted experts 
from Tbatcherite Britain, Re- 
agan’s US, and open-market 
Turkey and industrialists from 
South Korea to Argentina^!! to 
say: *We have done, or are do- 
ing, what you are t tying to do.’ 

The Planning Minister there- 


by placed what will be seen as 
the de la Madrid's government's 
achievement -provided these 
structural reforms are consoli- 
dated by the next administra- 
tion - not only in the main- 
stream but in the vanguard of 
world economic developmenL 

Mr Salinas obviously per- 
suaded Mr de la Madrid that it 
is he who understands and is 
persuaded or the reforms, and 
has the political ability to guar- 
antee them. And not only the 
traditional regime corporatist 
skills, seen both in the infight- 
ing and the effortless fusion of 
style and content displayed at 
the seminar. 

Mr Bartlett, aged SO and more 
from the second generation 
since the I91Q-17 revolution 
than the third generation being 
inaugurated by Mr Salinas, has 
this sort of skills in abundance. 
But it was members of the plan- 
ning minister’s formidable team 
which, for example, took on in 
public debate the populists 
grouped in the dissident Demo- 
cratic current inside the party, 
showing some ability to con- 
vince. 

This is a skill which will be at 
a premium if policies which 
promise growth only in the me- 
dium term are to be persevered 
with. The Democratic Current is 
led by Mr Cuauhtemoc Carden- 
as, 52, who is calli n g for more 
democracy 



4 

4 

I 

4 

4 

4 

4 

4 

4 

4 

4 

4 

4 

4 

4 

4 

4 


Up to 

40% towards 

your 

setting-up 

costs. 

Grant aid of 40% has been achieved by some 
companies setting up in Mid Glamorgan recent- 
ly. emphasising that the area has some of the 
best financial incentives on the UK mainland. 

If your company is thinking of relocating or 
expanding, it won’t be the first to take advan- 
tage of such generosity. Over 50 international 
companies are already thriving there, including 
Sony, Ford, Hitachi and Hoover. 

Tb find out if your company qualifies for 
grant support, post the coupon. Or call Helen 
Winter-Jones on Cardiff (0222) 388398 or 
Mary Harris. (0222) 820770, (24 houre). 

I want to know about Mid Glamorgan, Wales. 

Name. 


Position _____ 

Company 

Nature of business 
Address 


-TW1 


t 

t 

T 

T 

t 

T 

T 

T 

t 

T 

T 

T 

T 

T 

T 

t 


Send to: WeLsh Development Agency. 

PO Box UK). Greyfriars Road, Cardiff CFl 11VF. 




t 4 




* 


f 


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f 





Financial Times Tuesday October 6 1987 


i 

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mfyou wunded up 
every pair of blue jeans 
in the world l, 
yomlfind that the dye 
for one pair in four 
came from Id. 



World Class 


7 







imx. 


mm, 








mmm 


i|g|g%§i 

-i-i? 




WM. 


•tn * v,W*; 






ICI manufactures in 40 cowitries and sells to over 150. 








Financial Times Tuesday October 6 1987 


WORLD TRADE NEWS 


Australian 
consortium 
quits HK 
rail scheme 

By David DodweU In Hong Kong 


A CONSORTIUM of Australian 
companies headed by Leighton 
Construction (Asia) has with- 
drawn from a HKSlbn contract 
to build the first phase of a light 
rapid transit railway system m 
Hong Kong's western new terri- 
tories- 

The withdrawal comes alter a 
three-month dispute over the 
suitability of land to be used for 
a residential and commercial 
property development linked 
with the railway system. 

The Kowloon Canton Railway 

Corporation (KCRC), which Is 
responsible for the project, and 
property developer Sun Hung 
Kai real estate developers, an- 
nounced yesterday that they 
would proceed without the 
Leighton consortium. 

Leighton consortium won the 
contract for the light rapid tran- 
sit in July 1985 after a fierce 
bidding contest in which it re- 
ceived powerful backing from 
the Victoria State government 
in Australia. 

The Metropolitan Transit Au- 
thority of Victoria (MTA) was to 
play a major part in training 
KCRC staff to operate the sys- 
tem and to establish working 
routines. MTA operates Mel- 
bourae' slight rail system, one of 
the largest in the world. I 


US-Canada trade pact wider than expected 


By DAVID OWEN M TORONTO 

DESPITE the last-gasp nature 
of the deal, the US-Canada 
trade pact agreed over the 
weekend appears to be broader 
In scope than most had imag- 
ined possible. 

While some elements, like the 
agreement to phase out bilater- 
al tariffs and the imposition of 
fresh limitations on Canada's 
ability to screen US investment, 
were widely anticipated, and 
the agreement appeared rather 
vaguely expressed in many ar- 
eas, other commitments came 
as a major surprise. 

The principal achievement in 
the package, from the Canadian 
viewpoint.^ the US's accep- 
tance of the creation of a bina- 
tional panel to play a role in the 
dispute-settlement process. 

The tribunal would act after 
trade complaints on subsidies, 
anti-damping and import surges 
axe decided in each country, us- 
ing domestic . trade laws. Al- 


ready, however, there is dis- 
agreement between the two 
sides on the precise extent of 
the panel's powers. 

The US version portrays the 
tribunal as a court of last ap-. 
peaL It will apply existing stan- 
dards of judicial review in the 
law of the Importing country 
and thus will be able to over- 
turn US Commerce Department 
and International Trade Com- 
mission rulings only if they are' 
not supported by 'substantial' 
evidence or axe otherwise sot 
in accordance with US law. A 
party taking action inconsistent 
with the panel recommendation 
or other agreed solution, the US 
summary adds, will have to ■jus- 
tify its action and will risk coun- 
termeasures by the other party”. 

The Canadian version states 
more simply that either govern- 
ment can seek a review of an an- 
ti-dumping or countervailing, 
duty ruling by a bilateral panel 


sidles for products moving 
through western Canadian ports 
totheUS. ■ 

In return for its flexibility on 

__ . _ the disputes settlement Issue, 

ars to protect Can- ,the US has won a commitment 
politically senai- to eliminate bilateral taxiffa, in- 
cluding those pertaining to the 
Auto Pact, by January 1, 1889 
and the creation of a North 
American continental energy 
market 


Both sides have also agreed to 
retain existing national laws 
and procedures dealing with 
subsidies and dumping. Hie sta- 
tus quo a 
ada's 

live, regional development 
subsidies. 

However, observers feel that 
these could ultimately be af- 
fected by a commitment to write 
new trade rules over a five-year 
period, with a possible three- 
year extension. The trade tribu- 
nal will eventually operate un- 
der the new rules. 

For the moment too, Canada's 
vulnerable brewing industry, its 
form product marketing boards 
and the bulk of its cultural sec- 
tor and social programmes 
would remain untouched. 

The US has, however, won 
greater access to the Canadian 
wine market and the elimina- 
tion of grain Jtranspoxtmtiifti sub- 


EsseutiaHy, Canada will re- 
ceive assured market access to 
the US in return for providing a 
secure energy supply in periods 
of shortage. This will entail 
treating Us consumers as Cana- 
dians, even under possible sup- 
ply rationing. However, Canada 
would still be free to proceed, 
towards its objective of SI per 
cent domestic ownership of the 
energy sector. 

In the car sector, Canada's ex- 
port-oriented duty-remission 


incentives, which lie outside! 
the pact, will end immediately,! 
while other types of duty remis- 
sion schemes to lure non-North 
American car and parts firms to: 
Canada will terminate as pro-' 
grammes expire. 

Regarding investment, Cana- 
da wST phase out scrutiny of in- 
direct takeovers, where a US 
subsidiary in Canada changes 
hands because of a takeover of 
its parent company, over a 
four-year period. Meanwhile, 
the threshhold for screening di- 
rect takeovers will rise to com- 
panies with assets of CgiHhn. 
also Over four years. 

Observers believe that the po- 
tential disruptive powers of the 
•Canadian provincial premiers 
Is more limited than some had 
initially feared. Most of the 
commitments covered by the 
deal, they say. fall under Cana- 
dian federal jurisdiction. 


Nestle in Egypt food venture 


BY TONY WALKER MCJURO 

NESTLE, the Swiss consumer 
products group, together with 
an Egyptian company, is invest-' 
ing SwFr40m (£l7m) in two food 
processing plants. 

Nestle is establishing a joint 
venture company with its part- 
ner, the Egyptian Finance Com- 
pany, to administer the new en- 
terprise Nestle will have a 
majority shareholding. 

The joint venture will take 
over an ice cream factory oper- 
atedby EFC, and is planning to 


establish' a new plant manufac- 
turing baby food. 

Nestle said the investment 
was ’In lice with Its wish to sub- 
stitute imports by local produc- 
tion and to enhance its pres- 
ence in developing countries.' 

'Nestle will have a majority 
shareholding in Nestle Egypt 
and will assume the manage- 
ment of -all operations,’ the 
statement said. This will con- 
stitute the first landmark of its 


Jong-term industrial develop- 
ment in the country.’ 

EFC was established in 1980 
under Egypt’s 'open door 1 policy 
to foreign investment Share- 
holders Include local and for- 
eign investors. It Is both a finan- 
cial services and Investment 
company. 

EEC’s enterprises, apart from 
food processing, include the 
manufacture of building materi- 
als, electrical fixtures and toi- 
letries. 


Stromberg pushes ahead 
with Bell exchange deal 

By DAVO THOMAS 

STROMBERG-CARLSON, 'the US. This is a key stage in the 
US-based telecommunications elaborate approvals process 
equipment subsidiary of Plea- necessary to sell digital ex- 
sey of the UK, has passed anoth- changes to the Bell companies, 
er important milestone in its 


bid to sell its di gital eiehanwes 
to the large US Bell telephone 
holding companies. 

Two ofStromberg*8 exchanges 
have succeeded in field trials 
with Pacific Bell, which la 


based on the west coast of .the *year. ^ 


Mr Ernest Jones, Stromberg 
president, said he thought this 
would mean farther small or- 
ders from Pacific Bell for 
Stromberg later this year, fol- 
lowed by larger orders next 


rXTM : -S ' : ;? 

v. v . - . ■ . — a-- - , : .*• 

• .* *• •• . •• , • , •• _ ’ -i ••• 'V-ii. . 



Our Bradford science park has 
graduated with honours. 


At first sight, a northern city 
struggling to recover from the 
decline of its traditional industries 
hardly seemed the most promising 
setting for the establishment of a 
science park 

But at English Estates we studied 
things more closely and our 

homework 


paid off. 
Iisterhills 

„ , „ , Science Park 

CnvoI kirjii lord University of __ t 

Metropolitan Council. Bradford. at Bradford 


an 



University has proved to be 
outstanding success. A joint venture 
between Engjish Estates, the 
University and the City Council, it 
provides an ideal environmentforthe 
transfer of technology and the 
development of new, marketable 
products. 

Inpleasantlandscapedsurround- 
ings, over 100,000 sqit of high 
quality floorspace is nowoccupiedby 
new and growing companies. The 
current phase of construction is fully 


let in advance of completion. It all 
adds up to a significant source of new 
employment and an extra dimension 
to Bradford's economic base. 

Iisterhills is one of the fifteen 
science park and high technology 
schemes which English Estates has 
undertaken in. recent years. like the 
rest of our activities, they are helping 
the private sector to generate 
economic activity and create jobs in 
areas where they are needed most 


□Ci ENGLISH 

GO ESTATES 

The Developing Agency 


Brussels steps up 
campaign against 

US Trade Bill 


BY QUENTIN PEEL M BRUSSELS 

■THE European Community yes- . 
jterday stepped up its campaign 

■against protectionist trade leg- 
islation being drafted i n the US 
Congress, spelling out precise 
details of its objections in a let- 
ter sent to all the Senators and 
Representatives involved. 

Mr Willy de Clercq, the EC 
Commissioner responsible for 
external trade relations, warn- 
ed that any protectionist mea- 
sures adopted by Congress 
would be countered with mirror 
action or retaliation - putting 
the whole new round of the Gen- 
eral Agreement on Tariffs and 
Trade (Gatt) in jeopardy. 

In a letter to Mr Clayton Yeufc- 
ter, the US Trade Representa- 
tive. distributed to all members 
of the joint Senate-House of 
‘Representatives Committee set 
up to agree a Common Trade 
Bill, Mr de Clercq singled out 
the EC’s major objections to 
current proposals. They in- 
clude: 

• Unilateral re-interpreta- 
tion of international trade 
.agreements, such as retaliation 
i against trading partners for 
| 60 -called unfair trading prac- 

• Potential re st r i c ti ons on 
foreign investment in the US, 
through discriminatory regis- 
tration and disclosure require- 
ments: 

• Sector-by-sector demands 
for reciprocity, as in telecom- 
munications: 

• New non-tariff barriers, 
such as labelling the origin of 
foreign food ingredients: 

• New limitations on US 
trade negotiating authority. 

World trade is founded on 
'each country finding an overall 
balance with its trading part- 



WiHy de Clercq 

ners,* Mr de Clercq says’ Tike 
death and taxes, sectoral imbal- 
ances are an unavoidable fact 
oflife.' w ^ t 

Just because the EC has a 
trade deficit with the US in tele- 
communications. should it re- 
taliate, be asks. On the other 
hand, if the US were to take ac- 
tion in the telecommunications 
sector to restrict access to its 
own market for foreign suppli- 
ers, the EC would retaliat e , he 
Insists. 

On unilateral action In defi- 
ance of international agree- 
ments, he criticises a whole 
range of proposals, chan g ing 
the definition of countervaila- 
ble subsidies, such as the calcu- 
lation of 'subsidy” for processed 
agricultural products, unilater- 
al changes in the coverage of 
voluntary restraint agreements 
on steel, and the denial of bene- 
fits of the Gatt code on govern- 
ment procurement without pri- 
or Gatt authorisation. 


English Esta t e s , SL George's House, Kings way, Team Valley Gateshead, Tyne & WfeatNEll ONATfet {091) 4878941 



President Garcia 


Barbara Durr reports from Lima 

Peru pays banks in 
fishmeal and iron 


{PERU HAS signed two novel 
’deals to repay commercial 
banks in products and services 
while earning hard currency. 
Officials hope the contracts will 
help to re-establish their rela- 
tions with the international fi- 
nancial community and serve as 
models for deals with other 
creditors. 

Under a contract signed earli- 
er thin month. Midland 
Peru’s second most important 
creditor, agreed to sell 922m 
worth of Peruvian goods, keep- 
ing $ff8m as debt repayment 
and giving the $13Jtm remain- 
der to Peru. Following Midland, 
First Interstate Bank of Califor- 
nia signed a similar contract 
this week in Washington for 
$42m worth of goods, $I4xn of 
which will be debt repayment 

Though modest, the two deals 
constitute Peru's most signifi- 
cant payment to commercial 
banks for three years. They are 
for repayment of short-term 
working capital loans. Peruvian 
officials say that their pay-' 
ment-in-kdnd schemes with com- 
mercial banks will for the mo- 
ment only be for repayment of 
its 9900m worth of short-term 
working capital debts. 

Peru's total foreign debt as of 
the end of last year was $&3bn, 
including $lL6bn in medium 
and long-term public debt, 
j$L4bn in medium and long-term 
private debt, and $L3bn in 
short-term debt After three 
years of virtual non-payment, 
dating from before President 
Alan Garcia came to office, 
Peru has accumulated more 
than $5bn in arrears, 

Since President Garcia came 
to office and limited all foreign 
debt payment to telO percent of 
exports, commercial banks have 
received only one payment of 
.917.3m, made in the spring of 
' 1986. Governments and multilat- 
eral institutions have come be- 
fore commercial- banks in the 
payment queue because they 
have continued to disperse 
credits. 

Midland will be selling some 
30 Peruvian products, including 
$3£m in iron pellets, 93.5m in 
fishmeal, 93.1m in steel balls, 
$3m in coffee, 93m in copper 
wire and lesser amounts of such 
goods as cotton thread, alpaca 
cloth, zinc and lead oxides, cop- 
per sulphate, auto-parts, ceram- 
ics, canned and frozen fish 
among others. 

Under the contract. Midland 


There is a carefully 
worked out formula so 
that Peru does not lose 
out on hard currency 
revenues. A ratio is 
calculated based on 
each good's imported 
content, the amount of 
value-added, and how 
easily its local content 
might otherwise 
produce dollar earnings. 

extended a $5m credit line, not 
for use in these operations, as 
part of the deaL 
First Interstate's contract, on 
which negotiations began in 
March 1986. is somewhat more 
innovative than Midland’s. It 
will be selling fewer mineral 
products and commodities and 
more agricultural and manufac- 
tured goods. Its menu includes 
copper wire, fishmeal, frozen 
fish and shell fish, garments, 
fresh asparagus, garlic, and on- 
ions, and wood products. Other 
unusual twists to the contract 
are Uiat First Interstate wfll 
sell Peruvian construction ser- 
vices, and is willing to negotiate 
tourism packages. The bank has 
also entered a joint venture in 
asparagus growing. Its contract, 
which runs through 1968, is also 
renewable. 

Other banks are queuing up to 
take advantage of Peru's pay- 
ment-in-kind scheme, Peruvian 
officials said. Among those in 


will return $1.50 in hard curren- the tine are First Chicago. Man- 
cy to Peru for every dollar it ;nfacturere Hanover Trust, 
*® eps P®5™ en t ^ ere is Bankers Trust, Banco de Bogo- 

a carefaUy worked out formula to, and National Westminster 
S”J»ch product so teat Peru bank. Economy and Finance 
does dot lose out on hard cur- Minister Gustavo Saberbein 
rency revenues, according to Mr said be hoped that ftmTcoSd 

the Ministry of Economy and Fi- pliers in kind. 

na wf*«P. u ?i i ‘i Credi A of ? Sce -. the supply or exports 

He said that a ratio is calcu- available for such schemes is 
.lated for each good based on its limited, officiate 
imported content, the amount of to be prudent ffiffSiSit 
value-added, and how easily its Wats Shave ESto 
local content might otherwise craft the contact sS^awS 
produce dollar earnings. (as not to uudSSJ^ %Sr aim 

For example for each dollar i exporters. iKfv KwS 
repaid in textile goods {whose fditional political impediment if 
local content and value-added President^ GaS 
are relatively high), Peru will position" to MsS»SS?St 


sigsraES SfrATSSS 

dUMltfP- on its nwn foreign ex- jwted the Peruvian iwo-for-one 


change on its own. o7th^^n“ 

“MhWs contract is for sales 

in 1987. with the possibility of er/neg^oEs S 

sssKSsffSSfS. 

iceedta* year. TteLmk has also SelwSomlf Er dlbt *° 


4 

I 




* 











How we made 

Apple green 





. ■ .V *W!5-£"7»2 r -T-, 

' -.i -- •- SsSiv-Vf-i . 


Far be it from us to call New York a lemon. 

But in the international airport business 
the biggest slice is on this side of the Atlantic. 

In the hands of BAA pic. 

This is the company that owns Heathrow, 
Gatwick, Stansted and the four major Scottish 
airports. 

The most recent international passenger 
figures do more than just confirm our position 
as the world’s number one. They give us a whole 
new reason to celebrate. 


Not only does BAA pic remain the world’s 
leading international airport group. 

Not only has Heathrow clocked up 25 years 
as the world’s premier international airport 

But Gatwick has now overtaken JFK to 
become the second busiest international airport 
in the world. 

Not bad going for one of Britain’s most 
recently privatised companies. 

To say nothing of our plans for the future. 

At Gatwick, the new North Ter mina l is 


due to open for business in Spring 1988. 

At Heathrow, hot on the heels of Terminal 
4, we’re currently re-furbishing Terminal 3 to 
be ready for 1990. 

And Stansted has got the green light to open 
a major new terminal in 1991. 

No wonder the Big Apple’s green. 

4 



The world’s leading international airport group. 


* Heathrow * Gatwick * Stansted v Glasgow * Edinburgh * Prestwick * Aberdeen * 


i 






Welcome to Italy 
and surroundings 

Please, come in. 

You will find bene all the banking services necessary to ensure the success of your __ 

international business. 475 branches distributed all over tbe country: the most — — "T 

widespread banking network in Italy. 18 offices abroad as well as a full - — \ 

worldwide coverage of Correspondent Banks. ^ ^ \ 

Moreover, the experience and reliability of a bank ^ \ 

that has been working at the highest ^ \ 

professional levels for more than a century. C * 1 ' 

in die heart of local and international events. 

Credito Italiano brings Italy and the World 
within your reach. Wjk 


Head office W 

Milan - 2 Piazza Cordnaa. MBan 20123 (llaly) 1 

Bmcksahod 1 

London- New York - Los Angeles - Grand Cayman - Tokyo 
ifegfSTEsessMwo abinad 

Amsterdam - Buenos Aires * Cairo - Caracas - Chicago- Frankfurt A/M 
Hong Kong • Houston - Moscow - Paris - Peking - Sao Paulo - Zurich 


****** 


***** 


X0S& 


Financial Times Tuesday October 6 1987 


APPOINTMENTS 


Sainsbury development director 


&GTS3.%rS£ 5S^Ss33s£ 

for the development division Pointed executive directors of of Eagle Star Insurance, has Mr AJJHansflelt 

during 1988. in succession to_Mr ^rHx, Currie Investment Man- b«n 41r «* m “ Seds Mr Tofield » manse 


Marianne Hay have been ap-- Co.Mr«UAJW«,cnieiexecuuve 

pointed executive directors of la h ?f Denies. Ah- AJJIaaSdd 


Boyer Millar. Mr Millar be- 
comes chairman of JS Proper- 
ties at the beginning of the new 
financial year in succession to 
’Sir John Sainstmry. He will con- 
! tin ues his Salnsbwy board re- 
’sponsibilities as c hair man of 
:Homebase and as a member of 
'the chairman’s committee. Ur 


ase™*” 4 - # , pmoeesmriimmiu. ££ diredor of WoodvtUe Poly- 

Mr Nicholas Van Assche has Mr W.G-A.Warde-Norbaty, a mer Engineering, 
been appointed managing di- Joint managing director of AL- 

rector and general manager of LIED BREWERIES, and a di- The following h»ve been ap- 
IMC (TOYOTA AND LOTUS), rector of Allied Lyons, will take pointed to me board o i MILL 
He was commercial manager early retirement on medical ad- SAMUEL & CO: Mr Deag Baker, 
for BMW in Belgium. IMC is a vice on March 5, 1588. Mr Mr John Donsmore. Mr John 
member of the Inchcape inter- B-Moss, also a joint managing Sharp, and Mr 
national services and marketing director of Allied Breweries, * 

group. and a director of Allied Lyons, Mr George Ross has joined BOV- 

« will then become sole managing IS CONSTRUCTION as Scottish 

Mr Rmn randdv has been an- director of Allied Breweries, ^visional director. 


Conll was, from 1983. property national services and marketing 
director of Texas Homecare, Sroup. 

.and later was additionally ap- * 

pointed managing director of Mr Bryan Cassidy has been ap* 
the Ladbroke Group subsidiary, pointed senior general manager 
Retail Parks. of GIROBANK from October 19 

• in succession to Mr Brian Em- 

WOOLWORTHS has integrated molt. Mr Cassidy is general 
its newly-formed entertainment mana ger. Girob a nk Scotland, 
business unit and Record Mer- *' - 
chandisers, a record supplier ►' 
acquired in December. Mar Has- 
an Afchtar becomes depute 
chairman of Record Mechandi- 
sers of which he was managing 
director Jfr Mihe Sommers, al- 
ready director of the entertain- 
ment business unit, becomes 
managing director of Record 
Merchandisers. Hr Terry Black- 
man, formerly buying controller ;> 

. of Boots' sound and vision de- 
partmenL becomes buying di- * 
rector of Record Merchandi- & 
sens. r» , 

1 

Hr Brian Rockland, Mr Kevin 
EUershaw, Mr Christoph Geiger, k 

Hr Christopher Rand, Hr David u 

Straker-Smlth and Hr Mark HK',1 
Sturdy have been appointed as- 

sistant directors of GERHARD Hr Brian Cassidy, senior general 
& NATIONAL. Hr David Bray- manager, Girobank 

s haw, Mr Mich a e l Hooper, Mr Mr Bmm ntf ia joining the 
!y a m apd Kr Bradford Enterprise Agency in 

Spraggs have been appointed December as lead director on 
directors of GerrardA National secondment from Girobank. Mr 
Wf™** “ JeliM CJLHel- william PJOendiy has been ap- 
lorbaa been appointed manag- pointed general manager, Gtro- 
ing director of Gexrard A Na- h ank Scotland. He joins on Oc- 



tional (Asia). 


toberlS from Bank of Scotland. 


Mr Derekl^yterjdepntymanag- VERTISINGSh? 


Mr Ward e-Norb air's other re- * 

sponsibilities will be re-allo- professor John BXarge has 
cated over the next few months, been appointed a non-executive 
* director of SARASOTA TECH- 

Mr Danny O’Neill has been ap- nOLOGY, part of Peek Holdings 
pointed investment director on industrial technology group. He 
the boards of FS INVESTMENT ^ director of industrial affairs 
SERVICES and FS Investment al Southampton University. 
Managers. » 

ABBEY LIFE GROUP has ap* 
Mr John D.Gregory has been ap- pointed Mr Hugo Tkonnan as 
pointed a director of TUR N- ^: stant executive director, 
^ EY A APPLIED COMPUTING business strategy, leading the 
SYSTEMS. He was managing di- newly-formed business strategy 
rector of Marine Management un ;t 
Systems (UK). j umt- * 

__ _ _ * . _ I w. CANNING has appointed Hr 

Hr Fail D.Green and Hr Chris WJEJ-Galloway as a main board 
RJLee have been a ppoin ted di- director. He will continue as 
rectors of CHARTERHOUSE mana ging director of W.Canning 
BANK - Materials. 

has *P- Mr Simon Preston has been ap- 
pointed Hr Reger Payne as pointed executive deputy chair- 
gro u P dev^opment director. He ^ of ST JAMES'S PUBLIC 
was a UK divmoaal director of RELATIONS and a director of 
Swiss-baaed Societe Generale SLJames’s Corporate Commu ai- 
de Surveillance.^ cations, part of the Lopex 

WRCS GROUP has appointed GroUP- 

Mr Frank Law as a non-execu, Mr Guy Barrett, chairman of 
live director. A director of Sie- HenrvBarrett Group has been 
^ el«3ed_, vice president of the 

chairman of the National EUROPEAN CONVENTION 
Freight Corporation. for CONSTRUCTIONAL 

Mrs AJLArneU has been ap- STEELWORK. 

pointed company secretary of FniflPnrIi)l * 


TRANSPORT AD- 
G. She continnes as 


Prudential 


aag aarars aiffi8Sf*aaBM new company’s 


chaiiuinnof thegroup^! twoUr- fiSTinpitaSr 

ft spbridlsrte^W.ldwqrk StartSin^SSe^itolSSSi 


Cargo Systems and Galaxy Alu- JSrrr 
minium and Steel Constrnction ru ®“ 
(GASCOX He was controller of Mr T 
the industrial services sector of 5*,.*; 
GKN. Mr Tony Prentice has 
been appointed finance direc- ; 

tor of GASCOl He was finance ' 


Pugh who is retiring; 

* 

Hr T-SJConrigan has bec ome 
chairman of REX STEWART 
AND ASSOCIATES. He is chair- 


GUILDWAY, part of the Declan board pOStS 

Kelly group, has appointed Mr pnrmiTOTTAT rnnonna 
William Dick to the new post of 

technical services director “® , !5 r * 1 * rmed company 


Hr David EDdn has been ap- 


Prudential Holborn, which pro- 
vides integrated financial ser- 


to?Sf SSca He«s\ma£ 1111111 Havelock Europe, Wit pointed a director of ALEXAN- vices.board is as follows: Hr 
dtadSrfrwtSLdJ.SSSal DERS RODSE. He joined Rouse ??£ 


Supplies. 

* 

Mr Tony Tomkins has been ap- 


Colourprint, and the Post Office 
Users National Council. 




funds department in June 1983. 


pointed cbiefinecntireof TY- ****** &.™NNEY.bas ap- Hr Richard Gregory becomes fi- SdK w7i 

NESmE ECONOMIC DEVEL- * Uchard Abramson nancial director and Mr Alan 

OPMENT COMPANY, South as head of group pensions and Taylor becomes sales director Ta®. administration director. 


Trevor Pullen, investment di- 
rector: Mr Brian Goldstein, mar- 
keting director; Hr Mike NeviU, 
sales director; and Mr Walter 


OPMENT COMPANY, South « ™ 

Shields, on foil-time second- ■ ZSSfJl&S*? of PERFUMS GIVENCHY, 

ment from NEL He replaces Hr £“5LS-5!SSLf Woodrow, 


HBte l^tor who is ^^tog to consulting actuaries. 


Job Creation. 


Mr AJLNJhtcM has retired 


* tu k Tij lornea pwymer eugineenng 

Hr JJLLindesay-Betlnuw has ™o board ofT^ra^ group, has additionally been i^.ol 

been appointed a non-executive 155 AVIATION inspkanoe appointed chairman or Dow^r ship. 


* Mr David Alsop has been ap- 

Hr Keith ToOdd, managing di- pointed a director of OSCAR 
rector of DOWTyS newly- FABER CONSULTING ENGI- 
formed polymer engineering NEERS, main operating compa- 
group. has additionally been ny of tbe Oscar Faber Partner- 


If your computer 
goes down, 
will you go down 

with it? 



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that lies idle most of the time; oi; 
worse still, with no back-up at all 
The answer is NCR’s 9800, 
a fault tolerant system designed to 
meet your on-line transaction 
processing needs - with productive 
capacity available 24 hours a day, 
seven days a week. 

Very simply, in the unlikely 



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you won’t go down with it 

However fault tolerance is by no 
means the 9800’s only advantage. 


The system is highly responsive 
and able to shift from processing 
routine workloads to handling 
peaks in activity. 

And, thanks to its advanced 
incremental architecture, easily 
expanded to meet your changing 
requirements. 

In short, the 9800 protects 
both your data and your investment 
in hardware, software and training; 
which, together with NCRs 
tradition of quality, provides the 
ultimate safety net 

And the catch? Unfortunately 
for the gentleman on the left, 
there isn’t one. 

To find out more, get in touch 
on London (01) 724 40S0. 

BK3S 

Get in touch. 




!■ manual l imes T ucstfay October 6 1 9K7 

Public spending 
proposals still 
£4bn over target 

by peter riddbx, political editor 


PROPOSALS FOR additional 
public expenditure next year 
are still between £3JSbn and 
£ 4 bn above the previously 
agreed total for 1988-89, despite 
a month of intensive discus- 
sions between the Treasury and 
departmental ministers. 

This has led to a fierce propa- 
ganda battle within Whitehall 
alter the Cabinet last July set 
ambiguous guidelines for the 
spending review. The Treasury 
has sought to counter reports 
that agreement is near and that 
plenty of money is available to 
meet commitments. Spending 
ministers argue that the Trea- 
sury is being typically austere 
and that tax revenue is buoyant 

The argument has intensified 
as ministers gather in Black- 
pool- in north-west England, for 
the start thhi morning of the 
Conservative Party Conference. 
This will be dominated by a se- 
ries of announcements about 
the Government’s radical legis- 
lative programme as well as by 
warnings . against complacency 
at several fringe meetings. 

The bilateral spending dis- 
cussions have so for elminated 
about half the original £7bn ex- 
cess of spending bids so that the 
Star Chamber arbitration com- 
mittee, chaired by Lord White- 
law, the Leader of the House of 
Lords, will come into operation 
next week. The autumn econom- 
ic statement should be early 
next month. 

The main outstanding bids 
cover the Departments of 
Health and Social Security and 
Education, with smaller scale 
arguments over the environ- 
ment and Home Office budgets. 
Agreement is apparently not far 
off over defence and ministers 
do not expect that this pro- 
gramme will have to go before 
the Star Chamber despite earli- - 
er arguments. 

Disputes have arisen because 
in July the Cabinet agreed to set 
as a priority the goal of reduc- 
ing the share of national income 
taken by public spending but at 
the samp, time seeking to get as 
close as possible to the existing 


AIDS ‘puts new 
stress on health 
and safety* 

By Jimmy Bums, Labour Staff 

TRADITIONAL trade union ap- 
proaches to health and safety 
are being challenged by the 
spread of AIDS, a leading Brit- 
ish union specialist on the dis- 
ease said yesterday. 

Ms Ruth Pattison, a research 
officer with Cohse, the health 
workers’ union, said that the 
traditional union approach, 
when confronted by a hazard, 
was to insist that the situation is 
made safe, or to reftase to work 
in a particularly dangerous en- 
vironment. 

■Obviously this situation is 
not tenable in the case of AIDS', 
Ms Pattison told a conference. 
■Our early guidelines on AIDS 
largely concentrated on the dis- 
ease as a medical issue. But in- 
creasingly it should also be- 
come a bar gaining issue,” Ms 
Pattison said. 

Cohse has become the first 
union to revise its AIDS guide- 
lines to include a detailed sec- 
tion on discrimination and em- 
ployment rights. 

It urges any member dis- 
missed because of being sus- 
pected of having AIDS to take 
an unfair dismissal case against 
the employer. 




tight 

rity ihmjhU wu j 

target of £15L2bn for 1888-89. 

The stronger than expected 
growth in the economy means 
that the aim. of reducing public 
spending's share of national in- 
come from 42% to 4% per cent 
can be achieved even if spend- 
ing rises by £3bn or £4bn, or 
even slightly more, above the 
existing target since national 
income will be that much 
higher as well. 

Mrs Margaret Thatcher. 
Prime Minister, her top parlia- 
mentary team and party work- 
ers attend the conference today 
surrounded by some of the tigh- 
test. security precautions ever 
known for a political confer- 
ence in Britain. 

Anyone visiting the headquar- 
ters Imperial Hotel yesterday 
had their photo-badge checked 
at least five times, as well as be- 
ing thoroughly searched. A heli- 
copter was constantly flying 
overhead and a Royal Navy mi- 
nesweeper was just visible 
through the mist offohore. 

The streets round both the ho- 
tel and the conference centre in 
the Winter Gardens were 
cleared and heavily 'patrolled' 
by police. 


UK NEWS 

Veteran fire 
engines to 
pre-empt 
strike move 

By Charles Laadbeater, 

A FLEET of 35-year-old fire 
engines was called into West 
Glamorgan, South Wales, yes- 
terday to pre-empt moves by 
the Fire Brigades Union to 
stage a series af strikes over a 
xcoraanlsatton plan drawn 19 
by the Labour-controlled West 
Glamorgan County OannciL 

The FBU had told the a*- 
thmrity on Friday that it woold 
start a series of one-hour 
strikes from that time it it iU 
not withdraw the plan. 

However, In the morning toe 
authority's public protection 
committee rejected the union's 
objections and its call for toe 
plan to be withdrawn pending 
a further review. The authority 
asked for the fire engines to he 
called in after the 360 firemeu- 
then refused to give an assur- 
ance that they would net take 
Industrial action. 

The authority sent letters to 
all the firemen warning the m 
that they had repudiated their 
contracts by refusing to give 
the assurance. Mr Frank 
Evans, chairman at public pre- 
lection committee said s Tfav 
firemen go out for one hour 
they go out for good. It vBl 
cost vs £SJM0 a day to have toe 
army here, and we cannot af- 
ford to have two fire services.” 
However, the authority denied 
that they had effectively lock- 
ed out toe firemen. 

Mr Evans said the authority 
was prepared for folks about 
the reergnisation plans, hot it 
would not change its policy 
drawn up after an. 18-month 
long review of fire risks In toe 
area. The plan involves the re- 
location of three fire stations, 
toe loos of 48 toB-time poets, 
the recruitment of M retained, 
or part time firemen, and the 
loss of one fire pang. The plan 
would save about £276,900 a 
year.. 

It is thought likely that the 
FBU will call a national dele- 
gate conference to consider 

ttlrfng n«tfa«al Imhirii hi sc- . 

tion over the dispnte. 

The fire engines are manned 
by about 208 army personnel 
who have been trained within 
the past few weeks. 


Murdoch staff seek 
help over union tie 


BY OUR LABOUR EDITOR 


EMPLOYEES atMr Rupert Mur- 
doch's News International 
newspaper plant at Wapping, 
east London, have asked the 
Trades Union Congress for as- 
sistance on onion representa- 
tion after a ballot vote s eeking a 
union other than the EETPU 
electricians to represent them. 

The salaried staff council at 
the plant -where papers includ- 
ing The Times and Sunday 
Times are produced - wrote to 
the TUC after a ballot vote 
showed only 140 in favonr of 
representation by the EETPU, 
compared with 239 in fovour of 
self-representation through the 
council, and 821 in favour of an- 
other union entirely represent- 
ing them. 

Mr Norman Willis, TUC gen- 
eral secretary, yesterday con- 
firmed that the approach had* 
been made, and said the TUC 
was considering it He said be- 
fore any reply was given, the 
TUC would be consulting with 
the unions which have been in- 
volved at Wapping since the 
•company moved its production 
there from central London print 
locations in January last year. 

Leaders of the main unions 


involved are understood to have 1 
been called to a meeting at the 
TUC with Mr Willis and senior 
officials, probably early tomor- 
row morning, before Mr Willis 
is due to fly at the end of the 
week to the Soviet Union as part 
of an international union dele- 
gation. 

Some TUC leaders may not be 
overjoyed at the prospect of the 
TUC being drawn again into the 
protracted wrangling over Wap- 
ping. The staff council’s in- 
volvement ot the TUC in re- 
newed representation efforts 
may well be no into the TOCs 
own questioning of the EETPU 
about newspaper allegations of] 
its conti n ui n g role in Wapping.; 
The electricians are mounting 
their own Inquiry into the 
.charges. 

One suggestion circulating in 
the print unions is that staff at 
Wapping would not be required 
to join any of the current Lou- 
don branches of the print 
unions, and that the majority 
could hold a joint NG A/Soga t 
union card, with the EETPU 
representing purely electrical 
grades. . ! 


Computers in Business 

The Financial Tunes proposes to publish this survey on 2 November 1987 
Topics under discussion include: 

1 INTERNATIONAL SECTION 

A look at developments in: 

(a) the US 

(b) Japan 

(c) the UK 

(d) France 

(e) West Germany 

2 PERSONAL COMPUTERS 

The personal computer is business has become firmly established. It is moving 
from stand alone machine to networked business instrument This article will 
discuss progress and the influence of IBM’s release of its Personal SystemSt 

3 APPLICATIONS 

A look at some typical business .areas suitable for automation. 

(a) Computer integrated manufacturing 

(b) Retail and distribution 

(c) Financial services 

(d) Personnel administration 


"w : 1 w ;■« : iQd; f.ijfy, 


(a) The evolving role of computer standards 

(b) Input and output— fact and fantasy 

(c> Storage— compact disc begins to make its mark 
(d) Networking— bringing it all together 

5 CASE STUDY 

A case study in automation leading to competitive advantage. 

Information on advertising can be obtained from Heyrick Simmonds, telephone 
number 01-248 8000 extension 4540, or your usual Financial Times representative. 


Foreign companies 
accused of breaking 
6 trade union code’ 


BY PHIUP BASSETT, LABOUR HXTOR 


FOREIGN-OWN E D companies 
trying to start operations in 
Wales are short-circuiting a 
long-established process for 
coordinated union recognition 
- and are then running into diffi- 
culties, the Trades Union Con- 
gress in Wales warned yester- 
day. 

Wales has seen a consider- 
able growth of foreign -owned 
companies moving into the ar- 
ea, and has now one of the high- 
est concentrations of Japanese- 
owned companies in Europe - 
many of them Introducing often 
radical new industrial relations 
practices. 

Wales TUC leaders have for 
some years been operating an 
agreement under which other 
anions are effectively prohib- 
ited from seeking recognition at 
a particular company once it 
has reached a union deal, in- 
creasingly with only one onion. 

But Mr David Jenkins, gener- 
al secretary of the Wales TUC, 
told a conference in London on 
Welsh industrial relations, or- 
ganised by the Welsh Develop- 
ment Agency, that some compa- 
. nies were now trying to 
circumvent this route, which 
was leading to considerable in- 
ter-union frictions. 

He said: "Regretfully in the 
last year or so we have found a 
tendency emerging in which 
; companies have short-circuited 
the process. Instead of channel- 
ling their contacts through the 
Wales TUC, some companies 
have moved straight into negoti- 
ation with one or more of oar 
unions. 

"This has resulted in some ac- 
rimony arising within those 
unions that have not succeeded 
in gaining the recognition 
agreement” 

While he could understand 
why some companies - might 
want to seek such short rats, be 
warned the primarily Japanese 


audience at the conference that 
the method advocated by the 
unions worked well and ought 
to be respected. 

He stressed that unions in 
Wales believed that Industrial 
disruption is contrary to the in- 
terests of management, the 
workforce, and the company as 
a whole", and accordingly there 
was 'a clear, common and 
shared interest in agreeing pro- 
cedures which minimise the. 
likelihood' of disruption. 

Mr Derek Evans, Wales direc- 
tor of the conciliation service 
Acas, stressed the importance 
for foreign companies deciding 
to unionise of a 'comprehensive 
agreement with one or more se- 
lected trade unions” reached af 
an early stage in planning. 

He said: 'Agreements be- 
tween trade unions and Japa- 
nese companies already operat- 
ing in Wales are, without 
exception, specifically de- 
signed to avoid any possible dis- 
ruption - in the interests of com- 
pany and employees alike.” 

Mr Peter Walker, Secretary of 
State for Wales, said he was 
'grateful for the colossal collab- 
oration from the Welsh trade 
union leaders and the Wales 
TUC* in helping to make suc- 
cessful companies move into 
the area. 

Mr Snehiro Nakamura, direc- 
tor of Sony US’s plant at Bridg- 
end in South Wales, which has a 
single-union agreement with 
the AEU engineering onion, 
told the conference that it was 
important for companies to 
adopt a positive attitude to- 
wards onions. 

He said: “The union never felt 
we were reluctant partners in 
the deaL We went to them and 
offered a deaL 

"The trade onion has never 
had to fight ns for recognition. 
We believe that this is critical 
to the development of trust be- 
tween ns.” he added. 



NOTICE TO BONDHOLDERS OF 
THE SAN WA BANK, LIMITED 
U.S.S100.000.000 

3% PER CENT. CONVERTIBLE BONDS 
DUE 3000 

Pursuant to Clause 7, tub-elames (B) and 
CC1 of the Trust Deed relating to the 
Bonds, notice is hereby given as follows: 

1. Further to the Notice to Bondholders 
DubUsbcd on 4Ui September, *987, the 
Issue by The Sanwa Bonk, Limited (the 
"Company"! of 35,000,000 now shares 
on 19th September, 1987 through a pub- 
lic offering In Japan would result in 
adjustment of the current Conversion 
Price in accordance with Condition 
StCIfv) of the Bonds of less than one yen. 
Accordingly, such adjustment will not be 
made but shall be earned forward in 
accordance with Condition S(C)(x) of the 
Bonds to the subsequent adjustment, 
which will take effect from 1st October, 
1987 and is described In 2. below. 

2. Following completion of the public 
offering of shares, the free distribution of 
shares that the Company has resolved to 
make on the basis set forth In the Notice 
to Bondholders published on 9th Septem- 
ber, 19S7 will result In adjustment of the 
Current Conversion Price ifV accordance 
with Condition 5(C)(1) of the Bonds. 

3. The current Conversion Price of 
V 1,442.70 per share shall be adjusted to 
Yl.400.60 per share with effect from 1st 
October, 1987, to take account of the 
public offering of shares described lit 3- 
aaovc and the free distribution of shares 
described in 2. above. 

4. No adiustment ol the Conversion Price 
is required as a result of the issue by the 
Company on 18th September, 1987 of Its 
convertible securities described in the 
Notice to Bondholders published on 4th 
September, 1987. 

THE SANWA BANK, LIMITED 


tfXs guesbwlfe signature of a grtdlho^ 
Avttaa W53Sd» Street, New Yoric. The ho 6 jntilityp«»te(jfnT- 
. , . TaB-frec in UK 0800-353535, m W. Germany 0130-3535 

In New York (212)755-4500. Tekc 1-0568. 


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12 


Financial Times Tuesday October 6 1987 


Before Hoskyns 
Facilities Management 



‘SO THIS IS INFORMATION TECHNOLOGY ,EH ?" 


"OTKEYXEKEMY'.ISTEIATTHHBESTITCANDO?' 



After Hoskyns 
acilities Management 



Th 


t HINK how much 
better you could manage your 
business , if someone else 
managed your Information 
Technology . 

And that ‘someone else* should 
be Hoskyns -because if a job needs 
doing properly, call in the experts. 

If you believe, as we do, that 
Information Technology should not 
be something that costs money, but 
a means nf making your information 
make money, then Hoskyns 
Facilities Management (FM) is the 
logical alternative. 

Hoskyns FM is a simple, 
proven concept. We take full 
responsibility for the management 
of your data processing, by 
employing all your existing staff, 
buying or taking over the lease on 
your computers, and running the 
whole installation for you, at your 
premises or ours. 

But there’s facilities manage- 
ment - and then there’s Hoskyns 
Facilities Manag ement- 

Only Hoskyns has the 
necessary experience of FM - we 
have been providing this specialist 
service since 1971, for over 100 
organisations, on contracts as short 
as twelve months, or as long as ten 
years. And every one of diem is 
happy to provide a reference. 

Only Hoskyns has the breadth 
of resources and expertise to provide 
all levels of back-up, at every stage of 
the contract. We actually provide a 
local service - nationwide. 

And only Hoskyns has the 
same kind of strategic thinking that 
exactly parallels your business 
strategy- to make IT work at every 
level. 

That’s the beauty of Hoskyns 
FM. It gives you the freedom to 
devote your energy and resources to 
doing what you do best - r unning 
your business. 

You can have the Information 
Technology you need, no more and 
no less, available on an as-and-when 
basis, with absolute security and 
complete flexibility to change as 
your business changes. 

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your IT. If you’re not getting 
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Because if Information Tech- 
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Financial Times Tuesday October 6 1987 

Pay pressure on 
employers is 


Tighter 

advertising 

controls 


UK NEWS 

Raymond Hughes on the Court of Appeal’s decision on the Best case 

Future share cheats may go to jail 


rising, says CBI I By Poona McCann 


BY PHUP BASSETT, LABOUR EDrrOR 


EVIDENCE of the growing pay 

pressure on employers exerted 
by a tightening labour market is 
signalled in figures released 
yesterday by the Confederation > 
of British Industry which also 
show pay settlement levels ris- 
ing. 

The CBTs annual presenta- 
tion on pay to employers, this 
year called Pay Pressures in the 
1980s, shows a marked reversal 
in the negative trend of the la- 
bour market as a pressure on. 
pay settlements, reflecting the 
mil in unemployment and the 
growth in vacancies. 

The CBI calculates the ■‘net- 
effect of a particular factor on 
pay by taking together manag- 
ers citing instances as upward 
or downward pressures on set- 
tlements. 

The net impact of labour mar- 
ket factors - principally unem- 
ployment - in the 1080s has been 
as a negative pressure, ranging 
from a 10 per cent net balance 
in 1980, down as low as 34 per 
cent the following year and ris- 
ing to 1 per cent by the end of 
last year. 

However, provisional figures 
for the third quarter of this year 
show a complete reversal -to a 
positive pressure on pay, and a 
relatively high one, of 14 per 
cent 

The CBI says these figures 
now 'seem to reflect the grow- 
ing problem of skill shortages 
and associated difficulties with 
recruitment of labour of suffi- 
cient calibre.* 

But while it warns that its 14 
per cent figure may be revis e d 
downwards and says cautiously 
that not too much significance 
should be read into it, the CBI 


says that with productivity aqd 

profits, labour market influ- 
ences are likely to strengthen as 
upward pressures on pay in the' 
shortterm.. 

Set against this, the CBI says 
that an inability by manufactur- 
ers to Increase their prices is 
expected to remain a “very 
strong- downward pressure on: 
settlement levels In the coming 
months. 

The CBTs pay presentation, 
contained in its bi-monthly Em-, 
ployment Affairs Report, also 
says that recently 'settlements, 
have been driven just as much 
by profitability as by cost of liv- 
ing considerations." 

The continuing impact of 
company profitability may also 
be reflected in separate CBI fig- 
ures from its pay d at a bank 
which show a rising trend of pay 
settlements. 

Looking at the estimated in- 
crease in individual average 
earnings attributable to compa- 
nies* most re ce nt pay settle- 
ments, the CBI says that settle-, 
ments in manufacturing are 
running provisionally in the 
third quarter of 1987 at 5.7 per 
cent, up from 53 and 5 per cent 
in the previous two quarters re- 
spectively. 

The CBI said yesterday that 
the latest figure is still low by 
historical standards. 

In the private service sector 
the CBI says companies are set- 
tling at increases of 6L3 per cent 
on average, for the first half of 
this year, compared with 5i8 per 
cent in the second half of 1988. 

Employment Affairs Report, 
SeptJOct 1987. CBI, Centre Point; 
New Oxford Street, London, 
WC1A1DU. By subscription. 


Society account problems 


BY HUGO EXXON 

THE FIRST mass-market cur- 
rent account to be issued by a 
building society has run into ad- 
ministrative problems. 

Nationwide Anglia the UK's 
third largest society, launched a 
pioneering interest-paying cur- 
rent account in May. But, as a 
result of administrative prob- 
lems, it admits It is normally 
taking three weeks to issue 
cheque books to customers. - 
Mr Bab Moffat, Nationwide’s 
marketing manager, said: "We 


are trying our damndest to do 
something about it* 

Mr Moffat said the delay had 
been caused by ^astonishing de- 
mand." Nationwide is the only, 
leading society to offar a folly- 
fledged current account About 
60 per cent of people applying 
far the account were not previ- 
ously customers. 

However, one customer said: , 
"Who wants their money stuck, 
In an account which they can’t < 
get it oat of?" 


Barclays to open longer 

BY HUGO DIXON 

BARCLAYS BANK yesterday Lloyds Bank opens 114 of its 


A TIGHTENING-up of self-regu- 
latory advertising controls in 
the UK has been called for in a 
report instigated fay the Adver-, 
firing Association. 

The report, published yester- 
day, recommends a strengthen- 
ing of the role of the Advertis- 
ing Standards Authority, the 
watchdog for press and poster 
advertising, with proposals far 
a faster procedure far de a lin g 

with press advertis e ments "like- 
ly to have harmful effects." 

Unlike television commer- 
cials, press advertisements are 
not necessarily yetted . before 
publication, tty the time any 
complaint has been investi- 
gated by the Advertising Stan- 
dards Authority, the c amp a i g n 
is often over. 

The inquiry into the systems 
of control, or advertising stan- 
dards was set up by the Adver- 
tising Association in September 
1986 in response to the recent 
proliferation of control systems 
which affect advertising. 

The report *i«inw that the 
fragmentation of advertising 
regulations poses problems and 
has led to calls for closer tmifii 
cation. 

The inquiry, which was 
chaired by Sir Kenneth Clucas, 
former permanent secretary to 
the Department of Trade, re- 
jected the idea of a single au- 
thority, responsible for all me-, 
dia. However, in spite of toe 
conclusion that the long-stand- 
ing self regulatory system of ad- 
vertising control in Britain 
works well, there is room for 
improvement 

The proposals include: 

•Any directions given by the 
Home Secretary to the Indepen- 
dent Broadcasting Authority 
should be publicised at the time 
they are given. Tbe AA has sow 
announced It is to open explor- 
atory discussions with the IRA. 

• Provided that advertise- 
ments in transfrontier broad- 
casts meet the regulatory re- 
quirements of the states la 
which they originate, recaption 
should be permitted in other 
states able to receive them. 

The AA. whieh does not en- 
dorse all in the report, has de- 
clared it intends to pursue de- 
velopments in the area 
'energetically." 

The Systems of Control of AA 
vertisuig Standards, Report to the 
A dverti sing Association by the 
Committee of Inquiry. AvaBable 
from the Adoertamo A s so c i ati on, 
Alford Bouse, IS Wilton Road, 
London SW1V1NJ. 


Machine maker 
to move factory 


l MB KEITH BEST, the former* 
! Conservative MP sentenced last 
Wednesday to four months in 
jail and a £3,000 fine for making 
multiple applications for Brit- 
ish Telecom shares, was freed 
by the Court of Appeal yester- 
day. 

Lord Lane, the Lord Chief 
Justice, said a prison sentence 
was too severe and that justice 
would be done by quashing the 
> jailing and increasing the fine 
to£4#>a 

The three appeal judges 
! agreed there was a disparity be- 
tween Mr Best's sentence, im- 
I posed by Judge Butler at South- 
wark Crown Court, and those 
previously imposed at Bow 
Street magistrates court on 10 
other men convicted of the 
same offence, none of whom 
were been jailed. 

Also, said Lord Lane, the 
wording of the BT prospectuses 
- unlike those for the British 
Gas and TSB flotations - was 
rach that a reader might have 
been forgiven for assuming mul- 
tiple applications were not re- 
garded with much disapproval. 

However Lord Lane, sitting 
with Mr Justice Bo reham and 
Mr Justice Hutchison warned 
that future offenders might not 
stay out of prison. 

-Let this be clearly under- 
stood: from now on those who 
inHnlg a In this or any other 
form of cheating with regard to 
the stock market are pnt on no- 
tice that it is not only their as- 
sets which are at risk but also 
their liberty. 


' 'Any cases such as this will in 
the fature merit the sort of im- 
prisonment period which the 
judge at Southwark imposed. It 
is only by the skin of his teeth 
that this appellant has escaped 
the fate the trial judge under- 
standably wanted for him.* 

After the ruling Best’s solici- 
tor told reporters: "Mr Best is 
very relieved at the outcome of 
the appeal but he does not wish 
to mate any comments himself 
at the moment" 

Best, who resigned as MP for 
Yuys Mon (Anglesey) before the 

general election, had been 
found guilty on three specimen 
charges of dishonestly attempt- 
ing to obtain 2,400 shares in 
British Telecom by deception 
when the company was priva- 
tised in 1984. 

He made six applications for 
a total of 39,000 shares, using 
four different bank accounts 
and variations on his own name, 
giving the addresses of bis legal 
chambers in Brighton, his con- 
stituency headquarters and his 
mother’s Sussex home. 

Lord Lane said the root of 
Best's appeal was the disparity 
between nis sentence and those 
imposed by the Bow Street 
court 

Many of the Bow Street cases 
had been more serious than 
Best’s, Lord Lane said. None of 
those convicted there had made 
less than 20 applications. In one 
case 1,000 applications, involv- 
ing £250,000, had been made. 
None of the Bow Street defen- 
dants had been sent to prison. 



Keith Best: set free fay Appeal 
Court hut fined more 

They had been fined between 
£2^0 0 and £8300 - the penalties 
for each offence ranging from 
£500 to £2,000. 

The appeal court had to de- 
cide whether the Bow Street 
fines had been extraordinarily 
lenient or had been within the 
proper bracket of punishment; 
also whether Best was more 
blameworthy than those who 
had appeared at Bow Street 

-This and other types of stock 
market dishonesty are very easy 
to commit,* Lord Lane said. 
-They are very expensive and 
difficult to detect and to prove 
and, of course, they can be very 
lucrative for the perpetrator. 

-They are, in short, just the 
sort of crime where deterrent 
sentences may be most appro- 
priate; just the sort of crime 
which toe cheat will continue to 
commit unless discouraged; just 
the sort of crime a fine often 


does not provide sufficient dis- 
couragement to commit but im- 
prisonment does." 

Lord Lane said only one fac- 
tor cansed tbe appeal court to 
doubt the propriety of Best's 
prison sentence. The wording of 
the BT prospectus and mini- 
prospectus was such that the 

reader might be forgiven for as- 
suming multiple applications 
would be regarded without very 
much disapproval 

It might never have crossed 
the mind of the average multi- 
applicants that they were at- 
tempting to commit offences un- 
der the Then Art. 

Lord Lane contrasted that 
with the British Gas and TSB is- 
sues when tbe prospect or crim- 
inal proceedings was made per- 
fectly plain in the promotional 
literature. 

The appeal court had con- 
cluded, Lord Lane said, that Mr 
Best had a valid argument 
based on disparity. 

Lord Lane observed that Best 
was a barrister and should have 
realised he was in danger of 
falling foul of the Thefi Act 

"But we have come to the con- 
clusion that, while the nature of 
his profession and background 
certainly does not entitle him to 
be treated more leniently, it 
does not require him to be sent 
to prison rather than simply 
fined as toe other 10 men were." 

Mr Best was given 14 days by 
the appeal court to pay the fine, 
with 28 days in jail if ne fails to 
do so. 


Retail sales 
figures for 
August 
show rise 


By Janet Bush 

FINAL FIGURES published 
yesterday showed that toe rise 
in the volume of retail sales in 
August was just under 1 per 
cent compared with the 1.4 per 
cent increase recorded in July. 

The Department of Trade and 
Industry had provisionally esti- 
mated that sales had risen by a 
| seasonally adjusted 0.5 per cent 
in AugusL 

The final index for tbe vol- 
ume of retail sales was revised 
upwards to a record 132.5 
(1980=100) in August from the 
provisional record of 13L8, and 

131.2 in July. 

The Department figures show 
toe volume of sales in the three 
months from June to August was 

3.2 per cent above that in the 
previous three months and 
more than 6 per cent above the 
same period last year. 

The non-seasonally adjusted 
index of the value of retail sales 
in August was 9 per cent higher 
than in August 1986. The value 
or this year’s sales has been 8 
per cent higher than in the 
same period last year. 

| Separate figures released yes- 
jterday by the DTI showed credit 
advanced to consumers by fi- 
nance bouses, building societ- 
ies and other credit grantors, to- 
talled £3.0bn in August 
compared with a total of £2.94bn 
in July. 


We’re giving doctors a head 
start in diagnosis 


bank to announce plans to open 
branches for l o n g e r hours on 
weekdays. 

From December 1 it will open 
200 of its 2J8SO branches from 
kSOam to 5pm, ins tea d of the 
present &30am to 330pm- 
The move follows a six -mo nth 
pilot scheme on increased 
hours in 20 branches. 


dosing times vary from branch: 
to branch. - 

After 330pm Barclays* cus-: 
tomers will not be able to get at 
fiill banking service, but they! 
will be able to open accounts.' 
apply for loans, order foreign 
currency and inquire about ln-j 
vestments. They will have to use' 
cash-dispenser m achines to, 



BON AS, the textile machinery 
manufacturer, is moving from 
its factory in Sunderland to a 
new and larger plant in Gatesh- 
ead, Tyne & Wear. English Es- 
tates is funding three-quarters 
of the £2m building costs of the 
factory which is doe to open in 
July next year. 

Brass, which will rent the 
plant and pay for the remaining 
quarter of construction costs, 
said it hoped to increase its 
staff from 230 to about 280 with- 
in three years. 




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For X-rays, computed tomography, 
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14 


Financial Times Tuesday October 6 1987 


UK NEWS 


Privatisation a threat to 
power supplies says union 


BY MAURICE SAMUELSON 

AN ELECTRICITY union chief 
warned that privatisation could 
endanger power supplies in a 
speech at a conference in Lon- 
don yesterday organised by the 
Electricity Consumers Council. 

Mr John Lyons, general secre- 
tary of the Engineers and Man- 
agers Association, speaking on 
behalf of the Electrical Power 
Engineers Association insisted 

his members bad nothing 

against greater competition but 
that privatising the industry 
was against the public interesL 

He challenged the assump- 
tion that breaking up the CEGB 
would introduce competition 
which would raise efficiency 
and lower costs. 

"It is the association's belief 
that the opposite effect will fol- 
low and ... that the security of 
Britain's electricity supplies 
may be reduced", he said. 

From the opposite end of the 
spectrum, Mr David Willetts, di- 
rector of studies at the Centre 
for Policy Studies, warned 
against denationalising tbe in- 
dustry as an integrated monopo- 
ly and listed three steps to- 

N Ireland ‘the 
best domestic 
market for coal’ 

By Our Belfast Correspondent 

SALES FIGURES released yes- 
terday underlined Northern Ir- 
eland's position as Lhe best do- 
mestic market for coaL 

Sales to domestic outlets for 
the year ending in March were 
1.324m tonnes, up 11.000 tonnes 
on last year. 

A dramatic fall in the price of 
oil raised demand for oil-fired 
central heating, but solid fuel 
heats more than 70 per cent of 
homes in the province. 

As a result of the relatively 
high demand, prices remain sig- 
nificantly below many UK 
cities. 

Other statistics in the annual 
report of the Coal Advisory Ser- 
vice show that the performance 
of smokeless fuels is improving 
and currently represents 37 per 
cent of all sales. 


wards full privatisation and 
exposure to competition. He 
said the Government should: 

• Ask the CEGB to build a coal 
import terminal to counteract 
the high price of British coal 
and the cosy relationship be- 
tween British Coal and tfae 
CEGB." 

9 Merge some of the 12 area 
boards and sell them olT. 

O Take the National Grid out of 
the hands of the CEGB and give 
the area boards a stake in it 

"The worst step would be to 
privatise the CEGB wbole with 

no prospect of farther change. 

The CEGB must not be let loose 
as a private company with its 
enormous monopoly powers in- 
tact". 

After following these propos- 
als, Ministers could take stock 
and plan the hill break up and 
sale of the generating side of 
the industry in a fourth Conser- 
vative term of office. 

Earlier, British Coal's com- 
mercial director, Mr Malcolm 
Edwards, in the Drst major 
statement on electricity priva- 
tisation by a top British Coal ex- 


ecutive, said it was not true that 
the two State industries were 
living in sin at the expense of 
the consumer." 

Tf there is no competition 
why did we turn ourselves up- 
side down last year to cut £300m 

from the CEGB's coal bill and 
commit ourselves to further re- 
ductions in the following Tour 
years?" 

As a result domestic electric! 
ty consumers paid less than 
anyone else in the European 
Community. 

He also denied that the UK 
electricity industry was abnor- 
mally reliant on domestic coal, 
claiming that there was a simi- 
lar level of inter-dependence 
between power stations and 
pits in Australia, South Africa 
and the US. 

Mr Edwards was particularly 
scomfUl of claims that the 
CEGB could save £750m a year 
by using more foreign coal, 
*17181 figure has no basis in any 
analysis of tbe long term pros- 
pects for a major switch to im- 
ports." 


Tory MP says national 
grid should stay public 


BY TOM LYNCH 

THE NATIONAL electricity 
grid should remain in public 
ownership after the industry's 
privatisation, with area distri- 
bution boards and power sta- 
tions sold to private investors, a 
Conservative member of the 
Commons Energy Committee 
urges in a pamphlet published 
today on the eve of the Tory con- 
ference debate on energy. 

Mr Peter Rost, the MP for Ere- 
wash, argues in a pamphlet pub- 
lished by the Bow Group, con- 
sidered to be on the party's 
liberal wing, that to privatise 
the Central Electricity Generat- 
ing Board in one or two units 
would leave it as "an unnatural 
monopoly." 

He argues that only by retain- 
ing the national grid and selling 
power stations - individually or 
in groups - and the 15 area dis- 
tribution boards, can the Gov- 
ernment meet consumers' . 


needs while bringing competi- 
tion into the generation market 

Mr Rost acknowledges that an 
early return to the Treasury and 
administrative convenience 
might tempt the Government to 
sell the CEGB whole or in two 
units - one company for genera- 
tion and another for distribu- 
tion. However, he argues, this 
would not yield the maximum 
return to the taxpayer or sub- 
ject the industry to market 
forces. 

He says the use of the nation- 
al grid as a common carrier 
would enable ail forms of power 
including alternative energy 
sources such as combined heat 
and power, tidal, wave, wind or 
solar energy to compete in the 
supply market on equal terms. 

Moving Forward with Energy, 
by Peter Rost MP. Bow Publica- 
tion s, 240 High. Holbom, London 
WCI V 7DT-JE8. 


Sun Life links with W German bank 

BY NICK BUNKER 

SUN LIFE, the British life as- 
surance group, hopes to capture 
a share of Europe's growing 
pension fund, mutual fund and 
unit trust management business 
by forming links with Frank- 
furt-based Deutsche Genossen- 
scha Its bank. 

The first step in co-operation 
between the two groups was an- 
nounced yesterday when Sun 
Life said it was making a . 


$400,000 (£246.000) investment in 
DG Securities Services Corpo- 
ration, a New York-based secu- 
rities broker-dealer and fund 
manager owned by the bank. 

The deal was "very unusual' 
for a British life company, said 
Mr Bill Richards, executive di- 
rector of Sun Lire Investment 
Management Services. He said 
it gave Sun Life a unique oppor- 
tunity to, co-manage a slice of 


European international invest- 
ment business. 

Mr Richards said DG Securi- 
ties Services plans to open a 
London office soon. It will es- 
tablish *a working relationship' 
with Sun Life with the aim of 
combining their investment re- 
search and advisory strengths. 

The move reflected Sun Life’s 
eagerness to expand in interna- 
tional ltind. 


question for 
ship inquiry 1 

By Kevin Brown, Transport 

Corre sp ondent 

A PUBLIC inquiry into the loss 
of the British freighter Derby- 
shire was asked yesterday to 
consider whether all six ships 
of her class suffered from struc- 
tural faults. 

The Derbyshire, built by 
Swan Hunter and owned byBib- 
by Line, sank almost without 
trace in the Pacific in 1980 with 
the loss of 42 crew and two 
wives. 

The Department of Transport 
resisted an inquiry for nearly 
seven years because of the lack 
of survivors or evidence to draw 
conclusions from. 

Investigations by tbe depart- 
ment also cast doubt on claims 
by maritime trade unions that 
the six ships suffered from simi- 
lar structural faults. 

An inquiry was ordered earli- 
er this year, however, alter the 
Kowloon Bridge, a Hong Kong- 
registered sister ship, broke up 
after going aground in a storm 
offlreland. 

Mr David Steel, opening the 
inquiry in London on behalf of 
Mr Paul Channon, the Trans- 
port Secretary, said It would 
have to consider "whether this 
class of ships is susceptible to 
damage in heavy weather." 

Mr Steel made clear, howev- 
er, that the Derbyshire sank in 
atrocious conditions. 

He said the Derbyshire had 
been properly certified by 
Lloyd ’5 Register, the indepen- 
dent ship inspection society, 
shortly before the accident and 
carried all necessary communi- 
cations and safety equipment 

The Derbyshire was last 
beard from on September 9, 
1980, when Captain Geoffrey 
Underhill informed Bibhy Line 
that the ship's arrival in Japan 
would be delayed because of 
storms caused by Typhoon Or- 
chid. 

An air and sea search was 
launched by Japanese authori- 
ties on September 15, but the 
only traces of the ship were an 
oil slick and an empty lifeboat 

Both Swan Hunter and the 
owners of the ships have denied 
that there is a common pattern 
of structural faults, or that seri- 
ous problems have been experi- 
enced in opera ti ng them. 

A report by Lloyd's Register 
on the Kowloon Bridge also said 
there were no grounds for link- 
ing the casualty with the loss of 
the Derbyshire; 

Swan Hunter, which was sold 
to its management by British. 
Shipbuilders for £5m in 1986, 
says it has no records of the 
ships, which were built be- 
tween 1971 and 1976 at its Hav- 
erton Hill yard on the Tees. 

Ownership of this yard was re- 
tained by British Shipbuilders, 
which is understood to have in- 
sured against potential claims. 

The inquiry is expected to 
last about three weeks. 


SE starts certifying transfer 
of shares to reduce backlog 


BYCUVE WPLMAN 

THE STOCK EXCHANGE yes- 
terday began operating a cen- 
tralised service for certifying 
the transfer of shares as a way 
of reducing the backlog of un- 
settled bargains. 

The service allows securities 
firms to deliver all the transfer 
forms they need to have certi- 
fied to a central point, which in 

London is the Settlement Cen- 
tre of the Stock Exchange in St 
Alphage House. Local settle- 
ment centres may also be used 
in Dublin, Birmingham, Bristol, 
Glasgow, Leeds, Liverpool, 
Manchester and Newcastle. 

The certification requests 
will be bundled together and 

sent to the different company 


registry services around the 
country. The forms should be 
returned within two to three 
working days of being deposited 
at the settlement centre, the 
Stock Exchange says. 

At tbe end of the month, addi- 
tional express services will be 

introduced which. In return for 

a charge, will turn around re- 
quests much more rapidly using 
a facsimile transmission link 
with the main registry services. 
The 'urgent" service will certify 
transfers within 24 hours, while 
the "immediate" service will 
take only two and a half hours. 

These services will be phased 
in gradually, registrar by regis- 
trar. over the next five months. 


starting with Lloyds registrar in 
Worthing, the only large regis- 
trar with no office in London. 

Until now. Stock Exchange 
firms have had to send the certi- 
fication requests individually to 
the company registrars, either 
by post or, in emergencies, by 
messenger. The process is often 
both lengthy and expensive and 
is the most common bottleneck 

When the Stock Exchange 
first announced its plans for a 
central service in August, it 
hoped to introduce the facility 
within a few weeks. However, 
working out the details of the 
service with the registrars has 
proved more complicated than 
expected. 


Lights go down on the market place 


BY TERRY BYLAND 

THE CITY of London’s elec- 
tronic market, created a y ear 
ago when Big Bang revolution- 
ised the Stock Exchange trad- 
ing network, faced its long- 
feared technological challenge 
yesterday, when a power fail- 
ure at the London Electricity 
Board’s North East City plant 
wiped out the trading systems 
at some market trading firms 
for up to three hours. 

The Stock Exchange was un- 
affected by the failure of the 
LEB’s Transformer Chamber 
Equipment at its Finsbury, 
Market plant, and had no need 


to call on its back-up Uninter- 
rupted Power System. 

But the LEB power black-out 
eliminated 123,600 volts from 
Its City and Wapplng network 
and affected 26,000 to 30.000 
customers, including many 
stock market trading firms. 
The loss of electrical power hit 
some City customers for an 
hour, but some were cat off 
from LI 0pm until power was 
billy resteed at 4.00pm. 

Many trading firms have 
back-up electrical systems 
similar to the Exchange's UPS, 
but by nud-afterzioon five mar- 


ket-making firms were telling 
the City, via the SEAQ screen 
network, that they were unable 
to update prices on the Ex- 
change's electronic" network, 
and were therefore trading - 
outside IL 

The lights went out in tbe 
Aritrageur Club in the City of 
London and in several etiier 
bars close to the Stock Ex- 
change. 

But the trading system can 
claim to have come through 
another test of its efficiency 
with flying colours,if some- 
what dimmed ones. 


Property 
companies 
spend £35m 
in London 

By Paul Cbeeaeright, Property 

Correspondent 

GREAT Portland Estates, the 
property investment company, 
and Bride Hall Developments, 
in which it has a 50 peT cent 
stake, have spent about £35m to 
assemble properties in the Hol- 

born area of central London. 

They are now in a position to 
undertake a big office develop- 
ment to exploit tbe growing de- 
mand for space in the district, 
situated between the business 
centres of the City of London 
and the West End. 

Bride Hall yesterday an- 
nounced it had purchased from 
a consortium of Arlington Secu- 
rities, Abacus Developments 
and Robert Fraser Group their 
interests in Barnards Inn and 
Buchanan House. 

The latter will be retained by 
Great Portland Estates with the 
possibility of redevelopment at 
a later date. 

The other properties are ten- 
anted on leases which expire io 
the next few months. 

Tbe selling consortium, work- 
ing with the Mercers Company, 
the freeholder, had planning 
consent for 150,000 sq ft of of- 
fices. 


Brittan wants party to broaden its appeal 


BY PETER RIDDELL, POLITICAL EDITOR 


THE CONSERVATIVE leader- 
ship should broaden the basis 
of its appeal if it is to meet the 
new challenge from the Labour 
Party, according to Mr Leon 
Brittan, the former Trade and 
Industry Secretary. 

Speaking on the eve of the 
Conservative conference, Mr 
Brittan told a party meeting in. 
Bolton that there should be "a 
determination to show that 
alongside opportunity for the 
individual, we recognise the 
need for enhancing that feeling 


of membership ofa single com- 
munity.* 

In particular, he argued for a 
new focus on policies That will 
make society more cohesive and 
not just richer. Mobilising the 
community in the task of crime 
prevention, tackling still more 
energetically the imbalances 
between different parts of the 
country, putting on the statute 
book a bill of rights, increasing 
the legal obligations to the com- 
munity of monopolies in both 
the private and public sector - 


these are bnt a few of the specif- 
ic themes to which we should 
now be turning.' 

If Labour changed direction 
towards accepting some Tory 
policies it would be a danger 
"because we will no longer be 
able to win elections just be- 
cause our opponents' policies 
are anathema to many of their 
own traditional supporters.* 

It would also, he said, be a 
challenge to the Tories to go be- 
yond their election manifesto 
and to show that by charting 


fresh ground of our own, we can 
retain the political Initiative." 

Mr Brittan argued that If the 
Tories were to win over the 
country for further changes "we 
must make it clear that our pur- 
pose is not just to save money or 
cut taxes, important thought 
those aims are. It is also to free 
resources in order to give more 
help for those genuinely in 
need, and to tackle with re- 
newed vigour our outstanding 
social problems.' 


Legally enforced takeover code urged Backbench plea 

over NHS cuts 


BY TOM LYNCH 

THE GOVERNMENT was yes- 
terday urged to institute a legal- 
ly enforceable code of practice 
for mergers and takeovers in 
the wake of the announcement 
by Guinness that It would not to 
set up its corporate headquar- 
ters in Edinburgh, as promised 
during its takeover battle for 
Distillers. 

Mr Malcolm Bruce, the Liber- 
al trade and industry spokes- 
man, yesterday wrote to Lord 
Young, the Trade and Industry 
Secretary, arguing that the com- 
pany’s ability to renege on its 
promise without fear of penalty 
"lias established lies, dishones- 


ty, deception and treachery as 
the stock In trade of takeover 
bids in the City.' 

He said a legally enforceable: 
takeover and merger code was 
needed 'especially in terms of 
the enforceability of claims and 
pledges which should not be 
made if they cannot be hon- 
oured." 

The Guinness pledge bad 
been a significant factor in in- 
fluencing opinion in Scotland, 
said Mr Bruce. Mr Ernest Saun- 
ders, then the Guinness chief 
executive, had lobbied Mr 
Bruce and other Scottish MPs to 
support the bid on the basis that 


his company’s commitment to 
Scotland was greater than that 
of the Argyll Group, which was 
making a rival bid for Distillers. 

■ For the Guinness board to de- 
cide not to honour that promise 
was "an endorsement of ties and 
deception, directed to MPs, gov- 
ernment ministers, Scottish 
business opinion and the fin an- 
ciaTpregs." 

• Mr Jim Wallace, the MP for 
Orkney and Shetland, has been 
elected unopposed as Liberal 
Chief Whip in the Commons. 

Mr Wallace, 33. succeeds Mr 
David Alton, the MP for Liver- 
pool Mossley Hill. 


A TORY backbencher last night 
attacked the Government for its 
emphasis on reducing income 
tax while making cuts in the Na- 
tional Health Service. 

"For people to die unneces- 
sarily so that some may receive 
tax cuts is not the sign of a civi- 
lised* and caring party,' Mr An- " 
thony Beaumont Dark said in a 
speech to bis Birmingham Sell? 
Oak constituents. 

'A civilised party that be- 
lieves in one nation cannot 
stand by and talk of tax cuts 
while hospital wards are being 
closed." 



SELL YOUR HOUSE 

Through the Weekend 
FT Property Pages 


I To adveniM: vour property in the Saturday property pages, simply 
complete i be coupon below and return it to: Francis Phillips, 

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ELECTRONIC FINANCIAL SERVICES— 
COMPETITION AND CO-OPERATION 
London, October 19 and 20, 1987 

The Financial Times fifth Electronic Financial Services 
conference will focus on competition and co-operation in 
financial institutions face in managing technology to secure 
competitive advantage. 

To what extent should they co-operate to share information so 
that their corporate clients benefit from more comprehensive 
cash management systems? What are the benefits and 
disadvantages of sharing an automated teller machine 
network? What is the best way to develop integrated account 
files for corporate and retail customers? 

The key issues will be debated by a distinguished panel of 
speakers including Mr Trevor Nicholas, Barclays Bank pic, Mr 
Gene Lockhart, Midland Bank pic, M. Jacques de Keyer, 
Generate de Banque, Mr Des Lee, Lloyd’s of London, Mr Bert 
Morris, National Westminster Bank pic, M. Bernard Thlolon, 
Credit Lyonnais SA, Mr Matthew Orr, Debenhams Investment 
Services, and Mr Rudolph Bauer, Commerzbank AG. 

THE PROSPECTS FOR THE 
ADR BUSINESS 

London, November 11 and 12, 1987 

The FT Conference Organisation and the National Association 
of Securities Dealers (NASD) are joining forces to hold a major 
European- American Forum on the ADR business in 
November. The subjects for discussion will include acces to 
CS capital markets, ADRs as a vehicle, regulation of the ADR 
business, European company experience, the approach 
through NASDAQ and the role of the Stock Exchange in 
London. 

The speakers include Mr Joseph Hard im an, NASD, Mr Janies 
Davin, The First Boston Corporation, Mr Charles Symington, S 
G Warburg & Co Inc, Mr Graham Whitehead, Jaguar Cars Inc, 
and Mr John Naisbitt, author of “Megatrends”. 

Details of “The Prospects for the ADR Business” will be 
available shortly. There have been many requests for a 
conference on this subject and this meeting is expected to be a . 
major feature of the FT autumn programme in London. 

WORLD ELECTRICITY 
CONFERENCE 

London, November 16 and 17, 1987 

A major addition to the FT energy conference programme is 
World Electricity to be held in London as the privatisation 
debate develops and many other mapor issues face the 
industry, those who direct it and those who finance iL Sir 
Philip Jones is to take the chair on the opening day and the, 
speakers include: M. Pierre Delaport of Electricity de France, 
Mr Svend Erik Hovmand, the Danish Energy Minister, Dr. 
Walter Fremuth, Chairman of the Austrian Electrical 
Corpora ion. Dr Axel Lippert, Managing Director of Bayer. Mr 
David Penn of Wisconsin Public Power, Mr Christopher 
Johnson. Chief Economic Adviser of Lloyds Bank, Mr William 
Varaquaux of Electricity de France, and Dr L G. Bupp of 
Cambridge Energy Research Associates. 


All enquiries should be addressed to: 

The Financial Times Conference Organisation, 2nd Floor. 128 
Jermyn Street, London SW1Y 4UY. Tel: 01-2323 (24-hour 
answering service). Telex: 27347 FT CONF G. Fax: 01-925 2125. 





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nhWirti! Tames TocsdayOaobttr 01987 


UK NEWS 



’s annual losses treble 


BYRAYHONOSNOppy 
; THE LOSSES ofMrRupert Sla^ 

entert ainme nt satellite^fcelevi- 

- sion channd, bave trebled over 
the past year as competition fob 
the pan-EBTopean advertising 
market has intensified. 

In the year to Jane 1087 Sky 

- lost 423.6m (E144m) compared 
it. viUif7.0m in the previous yean 
■ Over the same period the nam- 

ber efhomek capable of rfecerv- 
ing the satellite channel rose 
substantially from 6.7m -lad: 
year to more than 9m home* 
now. 

The figures are given in News 
Corporation’s anb&al - report 
published yesterday. Conceding 
that "Sky has not yet became 
profitable * the report claims 
that the channel bad aaio< 
tained its leadership in pan-Eo' against the tread of the past few 
ropean television in the fiice of yean - is probably mainly the 
strong competition. result of the arrival of Super 

The sharp Increase in losses - channel, the competing Ebro* 



pean channel backed by 14 ITV 
companies and the Virgin 

group. 

Costs have also been rising as 
Sky Channel increased the pro- 


file channel. The issue, under- 
written by News International 
is much larger titan previous 
ones. 

At Ute time Sir James Crnth* 


portion 0T the programming It ers> chairman of Satellite Tel e-fr CHILDREN OF high academic 


Sapeitanrdecfari 
because of « 


produces itself 

Apart from having to split the 
pan- European advertising 
with Super Channel, Sky Chan- 
nel executives also say advertia- 
ers held back during the period 

of uncertainty in advance of the 
Super Chahuel launch in Janu- 
ary. 

News International, Ur Mur- 
doch's UK operating arm, owns 
82 per cent of Satellite Televt- 
siou, the company which oner- 
atesSkydumnbL 


Vision and an executive dilee- 
tor of News Corporation said 
that Ur Murdoch firmly be- 
lieved In satellite television 
and had no intention of selling 
Sky Channel. 

* Sly has good audience levels 
- three times greater than its 
nearest competitor- and has es- 
tablished a firm place in Euro- 
pean television. There is sound 
support from advertisers, but 
hot sufficient yet to generate 
profits,' Sir Janies said. 
Meanwhile Mr Murdoch is 
The size of the loss explains still looking for new European 
why Satellite Television last investors in Sky and appears 
mouth announced it is raising prepared to see his own stake in 
£224301 through a rights issue the venture foil to about 25 per 
to provide further 'tending ter cent. 


Clark plans £3m shoe factory in Portugal 


Bf ALICE RAWSTHORN 

C & J CLARK, one of the UK’S 
largest fbotwteaf manufacturers 
and retailers, is investing £$m 
in the construction of a shoe 
factory in Portngal as part of its 
European expansion pro- 
gramme. 

The group yesterday also an- 
nounced the appointment of Mr 
J ohn Clothier, a member Of the 
founding Clark family, as man- 
aging director. 

Construction of the plant 
should begin early nest year, ft 
will be built next to ClarVs ex- 
isting manufacturing plant near 


-Oporto ta northern Portugal 
and will create 650 jobs, bring-' 
log the number of people ete- 
" by dark on the site to 


Initially the factory will be 
used to manufacture shoe up- 
pers, which will be shipped to 
the UK for finishing When the* 
second phase of construction is 
completed, finished shoes will 
be made at the plant The Portu- 
guese factories have been de- 
signed to make intricate shoes, 
involving a high labour content, 
which are too labour Intensive 


# PA technology splinter 
group in buyout move 


BY PETER MARSH 

THE NEW technology-consul- 
tancy group formed by senior 
managers at FA Technology, 
part of PA management consul- 
tants, said yesterday that it was 
interested in buying the whole 
of PA Technology as the core for 
its fatnre activities. 

The idea was given short 
shrift by PA which said that its 
technology operation was a key 
part of its business and was hot 
for sale: 

The purchasing option was al- 
most certainly behind a request 
put to PA last Friday fay Mr 
Lawrence Wilson, the Austra- 
I* Li an entrepreneur behind 'the 
breakaway consultancy, for a 
meeting with PA di r ectors to 
discuss matters of mutual inter- 
est. PA rejected the proposal. 

About 36 mana^fs at PA 
Technology’s main laboratory 
in Melbonrn, near Cambridge, 


have said they will leave to Join 
the consultancy, which will be 
jointly owned by its employees 
together with Australian com- 
panies controlled by Mr Wilson. 

PA Technology has a staff of 
350 and annual sales of about 
£2Bm. 

ifir George Buchanan, manag- 
ing director of the consultancy, 
said yesterday that by the end of 
the year It would have between 
50 and 100 staff 

Mr Buchanan,' former Pa 
T echnology international chief 
executive, said buying the 
whole of PA technology would 
be a valid approach for the new 
consultancy. L 

Meanwhile PA has appointed 
Ur Kan Macrae,, formerly PAj 
group commercial dtoeetof, as 
PA Technology^ chief execu- 
tive. 


Minimum changes to 
pensions forecast 


rBE MAJORITY of . 

sill be making only — 

changes to their company pen- 
don schemes - necessary to 
mmply with the ruling oA fe- 
male retirement, under the 1966 
Sex Discrimination Act Few 
ippear to be using the opporto* 
lity to implement tell equality 
letWeen men and women in 
heir pension schemes. 

This is the main conclusion to 
se drawn from an Income Data 
Services survey of IOO of Itfc 
subscriber organisations on act- 
ion being taken to conform 
viththeacL 

The act, which comes into op- 
eration next month, makes it 
utiawftaJ for an employer to re- 
ire compulsorily a woman em- 
ployee at an earlier age than a 
sale employee. 

Its enactment followed the 
European Court judgment in 
February, 1966, In the case of 
3elen MarshaJLwhich ruled 
hat to dismiss a women em- 
ployee solely because she had 
reached her retirement age, 
vhich was earlier than for her 
sale colleagues, contravened 
he EC Equal Treatment Dire©- 
ive. 

The most straightforward way 
>f complying with tins require- 
nent would have been to re- 
juire pension schemes to im~ 
llement equal retirement ages, 
however, this would have re- 
mixed the Government to 
equalise the state . retirement 
iges from the present 65 for 
nen and 60 for women. . 

Governments of both political 
sorties have been discussing 
equalisation for more than a de- 
:ade. The Commons committee 
IQ social security recommend- 
>d a common retirement age of 
a But governments have cpn- 
i latently avoided making any 
rommitment to equalise, de- 


Eric Short reports 
on the 1986 Sex 
Discrimination Act 
which comes into 
operation next 
month 


age 65, another at age BO, and 
two companies had a common 
retirement age other than BO or 
65. . 

The survey sought to ascer- 
tain employers’ intentions to 
comply with the act Companies 
are being required to review 
their pension arrangements be- 
cause of the requirements of 
the 1966 Social Security Act and 
it would be opportune to incor- 
porate this in any changes. 

Although the provisions of the 
1688 Sex Discrimination Act 
come into force next month, 38 
of the employers surveyed had 
Still not decided what action to 
lake. Another 42 employers 
were taking the easy line of ac- 
tion by simply letting women 
work on after re ti re me nt if they 
wished. A solitary employer 
churned not to be making any 


ual Opportunities Gnattift- 

m, the trade unions and other 

ranisatkms. 

U 1 the ad requires of ea- 
wers is that they allow wom- 
who wish to. continue work- 
r beyond their retirement age 
do soup to the retirement age 
■men. . 

Since such women deferring 
irement would be treated u&- 
r the late retirement prom- 
ts of the pension scheme, 
w would eventually receive 
enhanced pension greater 
m that received by a man re- 
tag at the same age with the 
ne and service eon- 

ions - a situation that is not 
nemlly regarded as achieving 

uality of treatment 

[he IDS survey found that the 

it majority of companies In 

* survey - TO in number - fol- 

ved the state retirement pat- 

n. while another 11 had other 
Terential retirement ages, 
ily 19 companies had a com- 
m retirement age - seven 


Some ZI companies currently 
With differential ages were tefc-j 
ing tiie opportunity to have a 
common retirement age. How- 
ever, views Were divided over 
what this kge should be. Em- 
ployers were being caught be- 
tween growing pressure to tow- 
er the retirement age for men 
from 65 and the rising ctftte on 
implementing such a move for 
each year toe age is reduced. 

The Survey showed that po«t- 
November, 13 employers sur- 
veyed would have retirement at 
age 60, and B employers a re-, 
tirement age (rf65 • 3 UtoMt that 
would require women -employ- 
ees to work five yean longer to 
quality for a foil pension. 

Employers Who were lowering 
the retirement age to 60 were in 
miiqy cases a » m mhutnuliil 
surpluses in toe pension 
scheme to cover the fhinai cost 
Those employers fixiis their re- 
tirement age at SI indicated 
that thtty had b longterm com- 
mitment to lower this age 

Duty four empl oy ers to th *• 
survey were equalising toe age 
at 62 tst te, a move that was re- 
garded as a possible compro- 
mise betweeh the socSbl and the 1 ! 
cost pressures. 

The survey shone*} that no; 
employer was yet prepared to. 
take the foiWazddbokmg step hr- 
introducing a flexible retire- 
ment policy under which all em- 
ployees would have the choice! 
of retiring within an age band, 
say55to6& ; 

DttoBs of toe guneg from 
come Data Services Ltd, B/3 St 
jaw street* London EClY as. 


to 

the 


cost effectively in tion 


Clark is now in the throes of a 
marketing test as a precursor to 
in trod Bring its children 'a shoes 
in northern Europe. Last year it 
began trials in Holland and 
West Germany- R is evaluating 
the results of these experiments 

The new Portuguese plant 
Will add extra manufacturing 
capacity to accommodate tola 
expansion. Earlier this year 
Clark began the construction of 
a £Bm children’s Shoe produc- 


in the West Country, 
will be one Of toe most 
and most modem 
factories in Europe. 

Mr Clothier, 41, succeeds Mr 
George PrObext, who is retiring. 

For the past three years Hr 
Clothier, who has spent almost 
all his working life in the busi- 
ness, has been managing direc- 
tor of Clarks Shoes. Under his 
managing directorship the divi- 
sion has opened a chain of 112 , 
shoe shops under the Clarks 
name and laid plana far the 
West Country factory. 


Broad entry 
for pioneer 
college 

By MfchaM DOton, Education 
Correspondent 


ability will be at least as likely 
to be rejected as accepted by 
the first of the Government's 20 
proposed city technology col- 
leges, which is due to open at 
Kingshurst in Birmingham next 
September. 

The college's admissions pro- 
cedure, announced yesterday, 
has been designed specifically*; 
to prevent its intake of 11 to 18 - 
yeaxMilds from being restricted 
to the most academically able 
applicants. 

Although applicants win be 
given ah intelligence cast, top 
scorers will have no better 
chance than low scorers of gain- 
ing a place. The test results will 
be used solely to ensure the 
range of academic ability - from 
low to high - among the 180 ini- 
tial entrants matches the range 
among ail similarly aged pupils 
in the surrounding area. 

The intake is going to be as 
near comprehensive as we can 
make it/ said a spokesman for 
the college. While all appli- 
cants would be Interviewed be- 
fore admissions were decided, 
steps would also be taken to see 
that the proportions or entrants 
from ethnic minorities, and of 
boy& and girls, reflected the 
composition of toe neighbour- 
ing community. 

The Kingshurst institution is 
being set up with capital from 
Hanson Trust and Lucas indus- 
tries on a site provided by toe 
Solihull local authority. 


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(There’s no harm in showing off once in a while.) 


Loath as we are to make an exhibition 
of ourselves, IBM has finally decided to 
show what it is made of. 

Hence IBM ’87. 

15bur first chance to see the largest range 
of IBM hardware and software ever 
assembled in the UK. 

Which is good news, of course, for 
computer connoisseurs. 

But equally good news for the rest of the 
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16 


Financial Tiroes Tuesday October 6 1987 


UK NEWS 


The Defence Secretary will today attempt to calm Tory fears over the Royal Navy. Lynton Mclain outlines the background 


Blank order books present grim 



MR GEORGE YOUNGER, the 
Defence Secretary, is expected 
to try to calm fears at the Tory 
conference In Blackpool today 
that slowness in ordering con- 
ventional warships is jeopardis- 
ing the Royal Navy and endan- 
gering Britain's warship yards, 
while money continues to poor 
into the £9.265bn Trident nucle- 
ar submarine programme. 

Order books for the yards are 
in such a bad state that a lead- 
ing stockbroking (Inn has fore-' 
cast that the present eight 
yardscould be reduced to two in 
10 years' time. 

The o facial Ministry of De- 
fence line is that the export 
performance of the UK yards is 
not exactly staggering,* a refer- 
ence to how dependent they are 
on the Royal Navy for orders. 

Nevertheless, Mr Younger is 
expected to nse this afternoon's 
defence debate on 'maintaining 
the nuclear deterrent 1 to sweet- 
en criticism of the Govern- 
ment's ordering programme 
with an announcement of invi- 
tations to tender for the last 
four of the first batch of Type 23 
frigates. 

He is likely to do so at a time 
when warship ordering pro- 
grammes have been "pushed to 
the right.'. This is a Whitehall 
euphemism for delays for bud- 
getary reasons - ship orders are 
held back to fell into a future 
financial year. He will not say 
when the Ministry will order 
these vessels. 

In the meantime, the MoD has 
decided to prolong the expec- 
ted life of existing warships 
from 18 to 22 years. This will de- 
lay the need for new vessels. 


The effect on the few remain- 
ing warship yards in Britain la 
continued uncertainty, an in- 
ability to order batches of long 
lead-time materials and equip- 
ment and a consequent failure 
to gain the benefits of an as- 
sured long-term programme. 

This is the position in spite of 
the widespread knowledge that 
the Type 23 is to be the Royal 
Navy's standard general pur- 
pose frigate to replace its age- 
ing frigate class, especially the 
26 Leander. 

The ordering pattern could be 
long, steady and certain, as 
there is a requirement for pos- 
sibly more than 20 vessels. Four 
of the frigates have been or- 
dered, three from Yarrow on 
the Clyde and one from Swan 
Hunter on the Tyne, but the 
yards have no confidence in fu- 
ture rates of ordering, in spiyte 
of the MoD claim jthat three ves- 
sels will be ordered each year. 
The last Type 23 order was in 
July 1986. No firm orders for the 
frigate will arrive this year, as 
the invitations to tender are on- 
ly just coming. 

In addition to the expected 
announcement about the ten- 
ders for the Type 23, several 
other decisions affecting the 
immediate future of warship 
b uilding in the UK are awaited. 

It is known that the Govern- 
ment is about to order the sec- 
ond Trident ballistic missile 
nuclear submarine. There is on- 
ly one possible contractor, the 
VSEL consortium at Barrow-in- 
Furness, Cumbria. The delay in 
confirming the order for the 
£850m submarine is largely ac- 
counted for by attempts by the 



An artist’s impression of a Type 23 frigate which could provide 20 1 


MoD to pressurise VSEL' into 
cutting its costs. 

VSEL, has already ordered 
long-lead Items for the second 
submarine, HMS Vengeance, 
and £22m had been spent by the 
end of January, so the order will 
be no surprise when it cornea 

The consortium is Britain’s 
primary submarine builder. On- 
ly Scott Lithgow on the Clyde 
still has the desire and the ca- 
pability to build conventional 
submarines, but the MoD says it 
cannot be a lead yard in subma- 
rines. 

Scott Lithgow hopes to export 
its Oberon Mark 6 submarine, 
but its relations with the MoD 
have been soured by its failure 
to reduce a flMm bid for a 
range-mooring vessel and two 
barges to nearer the £10m the 
ministry wanted to pay. The 
contract is now out to tender to 


14 companies, as the MoD seeks 
to show how its policy of com- 
petitive tendering can save 
money. 

VSEL has sufficient fixture or- 
ders to be largely insulated 
from the problems that (lace oth- 
er UK warship yards. It is guar- 
anteed to win all four orders for 
the Trident submarines and it is 
also building four Trafalgar 
class nuclearlnmler killer sub- 
marines. It is the only warship 
company to be awarded orders 
for the navy's new diesel pow- 
ered submarine, the Type 2400, 
with work shared between the 
Barrow yard and Cammell 
Laird’s on the Mersey, where 
the last Type 22 frigate is also 
being built 

The Type 2400 could be a con- 
tender for a £lbn conventional 
submarine order from Sandi 
Arabia and VSEL is a candidate 


t for naval yards 

for an export order from Cana- 
da for up to 12 nuclear powered 
hunter killer submarines, worth 
a total of Canadian $L5bn 
(£7J.bn). The company foiled to 
win a recent Australian con- 
tract for submarines. 

The other warship yards, Har- 
land and Wolff Scott Lithgow, 
Swan Hunter, Vesper Thorny- 
croft, and for smaller vessels, 
Brooke Marine and Hall Rus- 
sell, have a much less rosy pros- 
pect They have few orders In 
relation to their capacity- 

For some of the yards, notably 
Swan Hunter on the Tyne and 
Vosper Tborneycroft at Sou- 
thampton, where facilities are 
under-used and the order books 
stretch for two years or so at the 
most, workers and management 
desperately want more orders. 

Swan Hunter has six vessels 
on its order book, but three of 


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these ships have been launched 
and are dose to being handed 
over to the navy. The yard an- 
nounced last month a ent of 260 
in the workforce over the n ex t 
six months. Of the' remaining 
three orders, HMS Chatham; a 

Type 22 frigate, b to be 

launched next yeah The only 
other orders to work on are 
HMS Marlborough,- a Type 23 
frigate, and a ship for Cable and 
Wireless. 

Swan Hunter is assuming it 
will win the second order for 
the new class of auxiliary oiler 
replenishment vessel, designed 
to service the Type 23 frigates. 
Haxiand and Wolff of Belfast 
beat Swan to win the contract 
for the first vessel and the pres- 
tigious "first of class* design 
work that went with it 

At Vosper Thornycroft, cited 
1 by one of the most senior MOD 
officials as the yard most likely 
to feature in any rationalisation 
of UK warship building, the em- 
phasis is on smaller, speci- 
alised vessels. These include 
the glass reinforced plastic mi- 
nehnnters and minesweepers, 
luting techniques developed by 
the company. The Southampton 
yard is building the first of the 
Sandown class of single role ml- 
nehunter and was awarded a 
further order for four Sandown 
class vessels in July. 

It is building a fast attack 
craft for a foreign customer and 
two more similar vessels are 
about to be delivered, also 
abroad. The last Hunt class mi- 
nehunter Is being built and 
apart from a new trans-Atlantic 
•Challenger* speed boat, this 
time for a US customer, the 


company has no big orders. 

It is undergoing a change ot 
direction in the absence ot 
more naval work and intends to 
re-enter the market for luxury 
yachts over 100ft long. The com- 
pany was reluctant to say last 
week whether it would bid for 
Type 23 contracts. 

The Government is to decide 
before the end of the year on 
whether to join the project defi- 
nition study for the eight-nation 
European Nato frigate for the 
1990s (the NF90X Up to GO NF90 
frigates could be ordered by the 
Nato countries but the MoD is 
sceptical about the chances of 

benefiting from collaborative 
production arrangements for 
navy vessels. One official said 
the MoD would be very interest- 
ed in collaboration on com- 
mand control and weapon 
-systems for the ship. 

Towards ihe end of next year, 
the MoD is expected to finalise 
plans for replacing the Royal 
Navy’s two assault ships, HMS 
Fearless and Intrepid, built in 
the early 1960s. Fearless has 
been in .service for 22 years. 

The. MoD is content to let the 
vessels straggle on until the 
mid-1990s, when they will be 
over 30 years old, so their possi- 
ble replacement* the so-called 
"landing platform dock" assault 
ship, will not provide immedi- 
ate work for UK yards. 

Other than these vessels, the 
RN has no plans for more or- 
ders and to fill their slipways 
the UK’s warship yards are go- 
ing to have to seek exports, or 
diversify into non-navalwork. 


Volvo spare parts prices 
to be cut by up to 20% 

BY KENNETH GOODING, MOTOR INDUSTRY CORRESPONDENT 


PRICE CUTS of np to 20 per 
cent on a wide range of spare 
parts for Volvo cars are being 
implemented by the UK import- 
er, Volvo Concessionaires, a 
Lex Service group subsidiary. 

As a direct consequence, the 
cost of insuring most Volvo cars 
will drop because the Associa- 
tion of British Insurers has rec- 
ommended the Insurance group 
ratings be revised downwards. 

Concessionaires said yester- 
day that the price cuts were 
| part of a £4m project This in- 
cludes new computer systems in 
its parts centre at Crick, near 
Rugby, Northamptonshire and 
at the 290 UK dealers, which 
would cut costs by improving 
stock control and turnover as 
well as improve speed of ser- 
vice. 

The company, has also re- 
. ducedits profit-margin on spare 

[-.parts. . ■■ • r 


The price cuts average 20 per 
cent on parts for the small, 
Netherlands-built Volvo 300-se- 
ries cars and 6 per cent on the 
Swedish-built Volvo 700-series. 

Concessionaires claimed it 
would make "genuine Volvo 
parts competitive in price with 
those of the large volume manu- 
facturers.” About 100 of the most 
Important parts for Volvo cars 
*now cost appreciably less than 
their equivalents from manu- 
facturers like Ford. Peugeot, 
Rover, Vauxhall ana Volkswa- 
gen-Audl' 

The cuts should also enable 
Volvo car dealers to keep more 
of the available parts business. 
This is in line with another ini- 
tiative, "lifetime ca re," launched 
by Concessionaires last year, 
which gives almost a lifetime’s 
warranty against any defect In 
Volvo care serviced by author- 
ised Volvo dealers. • 


BP to lead gas field plan 


BY LUCY KELLAWAY 

BP yesterday announced plans 
to press ahead with the devel- 
opment of one of the largest gaa 
condensate fields in the North 
Sea. It said it had reached 
agreement with the eight part- 
ners In the Bruce field to start 
preliminary studies. These 
should result in development 
approval next year and produc- 
tion In the early 1990s. 

The field contains 2£ trillion 
j (million million)cubic feet of 
gas and significant quantities of 
associated oil Stockbrokers 
Wood Mackenzie estimate it 


will cost about £L5bn to devel- 
op, making it the largest devel- 
opment being considered in the 
North Sea. 

The field spans three North 
Sea blocks operated by Hamil- 
ton Brothers, .Total Oil Marine 
and BP. The partners include 
RTZ Oil and Gas, Blackfriars Oil 
and Gas, Kleinwort Benson En- 
ergy, - Britoil and Elf UK and 
they have agreed BP should act 
as operator to the field. 

BP said negotiations for the 
sale of the gas to British Gas 
have started. 


Financial * 
data news 
service 
planned 

By Raymond Snoddy 

‘MR TED TURNER, the US me- 
dia entrepreneur, plans to 
launch a financial date aeWs df 
service transmitted fay satellite^ 
with the 24-bours-a-day televi- 
sion news service, Cable News 
Network. 

Talks have already been held 
with the London -Stock Ex- 
change and other leading stock 
exchanges have been contacted 
about the service which could 
be launched in the first half of 
next year. 

"The strategic concept if to 
provide more information in a 
more timely way to more poten- 
tial business customers," Mr 
Robert Ross, managing director 
‘for CNN International Sales, 
said in London yesterday. 

Instant data on everything 
from share and . commodity 
prices and exchange rates, to 
breaking news on bids and any. 
world eveut which could have 
an impact on the business envi- 
ronment will be broadcast with 
US-based CNN. 

"It will be of interest to any- 
one in business buying or sell- 
ing anything," Mr Ross added. 

The concept is dose to tele- 
text where data is transmitted 
on spare lines in the television 
signal. 

However, Mr Ross said a dif- 
ferent technology is involved al- 
though he declined to give de- 
tails at present Technical 
trials, he added, were success- 
ful 

The financial news service 
would be marketed as an incre- 
mental service with viewers 
paying a subscription for (bp 
"black box' to decipher the 
stream of date. Potential cus- 
tomers are seen as the financial 
and coxporate sector as well as 
rich individuals who trade reg- 
ularly. 

The possibilities include con- 
tinuous text moving across the 
bottom of the screen superim- 
*d on the CNN picture, or 
text on a blank screen with 
a small segment of the CNN pic- 
ture in a corner. 

The text will also carry cross 
references to relevant visual 
material on CNN. Turner 
Broadcasting has yet to take the 
final decision to launch the ser- 
vice but this seems likely within 
the next few months. 

Mr Ross did not give' details of 
where the company planned tef* 
acquire the detailed financial > 
information needed for such a 
service. 

However, it la believed one of 
the companies Turner . Broad- 
casting has been talking to is 
Pont Data, previously Bridge ■ 
Data, the real-time electronic 
financial information group 
with headquarters in Sydney. 

The service is likely to cover 
the worlds three main financial 
markets, London, New York and 
Toyko, where CNN is already 
available 

CNN, the world’s first 24-hour 
television news channel is now 
available in some form in 54 
countries. 

Last month it was launched 
on cable networks in the UK 
and is now available on cable 
television in Finland, Sweden 
and France as well as the UK It 
hopes to add Ireland, Denmark 
and Switzerland within the next A 
few mouths. "*■ 

European broadcasters really 
began to take notice when CNN 
bad live coverage of the Shuttle 
disaster and more recently of 
the Irangate Congressional 
hearings.' 



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Financial Times Tuesday October 6 1987 

FT LAW REPORTS 


] 1 -Ll I n*0 j i TO 


Eurodollars can be 


LIBYAN ARAB FOREIGN 
BANK V BANKERS TRUST 
COMPANY 

Queen’s Bench Division (Com- 
mercial Court): Mr Justice 
Sts ugh ton: September 2 1987 

A BANK easterner has a fun- 
damental right to demand pay- 
ment from his account In cash; 
and where cash payment ew n 
be achieved without illegality 
in the country where the 
account is held, the fctnfc is 
boned to comply with such a 
demand at Its own expense. 

Mr Justice Stoughton so held 
when giving judgment Tor the: 
plaintiff, Libyan Arab Foreign 
Bank, on consolidated claims 
against Bankers Trust Company 
CBT) for recovery of $l31m and 
$161 m. A claim arising oat of 
BTs failure to operate a con- 
tractual system of account 
transfers also succeeded. Three 
further claims, relating to BTs 
alleged failure to execute in- 
struct ions, its alleged breach of 
confidence, and for recovery of 
credits due to alleged frustra- 
tion of contract, foiled. 

ETXS LORDSHIP said that in 
January 1986 the Libyan Bank 
bad a call account with BT Lon- 
don, denominated in US dol- 
larsJnterest was payable. Cred- 
it at close of business on 
January 8 1986 stood at $13 tin. 

It also had a demand account 
with BT New York, on which no 
interest was paid. Credit at 
close of business on January. B 
stood at $251m. 

On January 8 at 4.10 pm New 
York time the US President Is- 
sued an order blocking 'all 

property and interests . in the 

Central Bank of Libya~.within 
the US or_.withm the posses- 
sion or control o£..overseas 
branches of US persons*.' 

Consequently, after 4.10 pm 
on January 8 it was illegal by 
New York law- for BT to make 
any payment or transfer of 
fends to or to the order of Liby- 
an Bank in New York. Similarly 
it was illegal by the law of New 
York or any other American 
state, for BT to make such pay- 
ment or transfer in London. 

Nothing in English law pro- 
hibited such a transaction. 

The Libyan Bank claimed in- 
ter alia the balance of $13L5m 
standing to the credit of the 
London account at close of busi- 
ness on January 8 1966; and 
$165m which, it said, ought to 
have been transferred from the 
New York account to the Lon- 
don account on January 7 or 8. 

In December 1980 BT New 
York, by a managed account 
agreement, had agreed to open 
the demand account for Libyan 
£ank,with a peg balance of 
$500,000, any surplus to be 
transferred to London. The 
need for a transfer was to be de- 
termined each morning by ex- 
amining the closing balance of 
the New York account the pre- 
vious day. If appropriate a 
transfer back from London 
would be made with value the 
previous day - in other words, it 
would take effect from that date 
for interest purposes. 

It was a term of the managed 
account arrangement that all 
the Libyan Bank's transactions 
should pass through New York. 

In April 1984 BT decided to in- 
crease the profitability of the 
relationship. It unilaterally put 
into effect a new method which 
required consideration of the 
balance of the New York ac- 
count at 2.00 pm each day. If it 
exceeded the peg balance of 
$500,000 the excess was trans- 
ferred to London that day. Con- 
sideration was also given on the 
following morning to the bal- 
ance at close of the previous 
dav. If it was less than the peg 
balance a transfer of the appro- 
priate amount was made from 
London to New York on the next 
day. with value the previous 
day. 

The effect of the change was 



that Libyan Bank lost one day's 
interest when credits received 
after 2 pm exceeded payments 
made after 2.00 pm; and when 
the closing balance for the day 
would, under the existing ar- 
rangement, have required a 
transfer to be made that day. 

BT did not tell Libyan Bank 
about that change. Libyan Bank 
did not appreciate what was 
happening until mid 1985. It 

complained in October 1985 and 
in November 1985 a new ar- 
rangement was agreed which 
was not in substance any differ- 
ent from the system BT had 
been operating since 1984. 

At 2.00 pm on January 7 1986 
the balance to the credit of the 
New York account was 5165m. A 
transfer of $165.3m should then 
have been made to London. No 
2pm transfer was made. 

Ou the morning of January 8 
$6.7m was available to transfer 
to London. The computer was 
not ordered to effect the trans- 
fer. At 2pm, after deducting the 
peg balance, $!6L4m was avail- 
able to transfer. No transfer 
was made. 

On April 28 1986 the Libyan 
Bank telexed BT London in- 
structing it to pay it $131m out of 
the London account "by negotia- 
ble banker’s draft or to its or- 
der.or alternatively we will ac- 
cept payment In cash”. 

Zt made a similar demand for 
$101m on the same day, on the 
basis that that amount should 
have been transferred from 
New York to London at 2pm uc 
January 8. 

An action was then started by 
the bank on tbe basis of those 
demands. It made a farther de- 
mand ou December 23 1906 for 
tbe $131m and $16Zm. and said it 
would not object to payment in 
sterling. A second action was 
commenced and the two were 
consolidated. 

Under general principles of 
Conflict of Laws performance of 
a contract was excused if it had 
become illegal by the proper 
law of the contract, or if it nec- 
essarily involved doing an act 
imlawfel by the law of the place 
where it had to be done. 

As a general rule the contract 
between a bank and its custom- 
er was governed by the law of 
the place where the account 
was kept, in the absence of 
agreement to the contrary. 
There were no solid grounds for 
holding that the general rule 
did not apply After December 
1980 there was one contract, gov- 
erned in part by tbe law of En- 
gland and In part by the law of 
New York. 

The rights and obligations of 
the parties in respect of the 
London -account were governed 
by English law. 

It was elementary that a cus- 
tomer did not own money in a 
bank. He had a personal, not a 
real right The credit balance of 
the Libyan Bank with BT consti- 
tuted a personal right - a chose 
in action. 

At bottom, where were only 
two means by which the fruits of 
that right could have been made 
available to Libyan Bank - by 
delivery of cash, and by procur- 
ing an account transfer. 

There would be formidable 
counting and security 
operations involved in paying. 
$13 lm in dollar bills. There was 
no basis on which a bank would 
be entitled to charge for such a; 
service.lt must bear the ex- 
penses involved in obtai n ing 
cash when a demand was made 
which it was obliged to meet , 

It was accepted that there 
would be no breach of New 
York law by BT in obtaining. 
$(31m in New York and des- 
patching it to its London office. 


There would be no difficulty 
In its obtaining sterling from 
the Bank of England equivalent 
to $131m. It would have to reim- 
burse the Bank of England, and 
that would probably be done by 
a transfer of dollars from New 
YorkAgaln it was not argued 
that such a transfer would in- 
fringe New York law. 

Account transfer meant the 
process by which some other 
person or institution came to 
owe money to Libyan Bank^nd 
BTs obligation was extin- 
guished. 

The means of transfer were ir- 
relevant as long as the managed 
account arrangement subsisted, 
for it was a term of that arrange- 
ment that all the Libyan Bank's 
transactions should pass 
through New York. 

The Bank was entitled unilat- 
erally to determine tbe man- 
aged account arrangement on 
reasonable notice. Tbe arrange- 
ment was determined implicitly 
by the Libyan Bank’s telex of 
April 28 IMS, and if that were 
wrong,expressly by solicitor's 
letter on J uly 30 1986. 

After determination the New 
York account remained a de- 
mand account The London ac- 
count remained an interest- 
bearing account from which BT 
was obliged to make transfers 
on the instruction of Libyan 
Bank, provided no infringement 
of US law was involved. 

It was said in defence that 
there was an implied term that 
transfer of fluids from the Lon- 
don account would be effected 
only through US clearing hous- 
es, Chips or Fed wire. The term 
was said to be implied from us- 
age of the international market 
in Eurodollars and from the 
course of dealing between the 
parties since 1980. 

No such implied term was es- 
tablished by evidence or course 
of dealing. 

In determining the obliga- 
tions of BT London, the ques- 
tion was what sort of demands, 
was Libyan Bank entitled to 
make and BT bound to comply 
with? It was necessary to distin- 
guish between services which a 
bank was obliged to provide if 
asked, and services which many 
Hnnfrg did provide, bat were not 
obliged to provide. 

BT was obliged to provide 
banker’s drafts in London and 
banker’s payment, if asked to do 
so, subject to tbe proviso that 
the instruments were eligible 
for London dollar clearing. 

At the end of the day net deb- 
its and credits of members of 
the clearing would be settled by 
transfers in New York. Also the 
average value of transactions-' 
passing through London clear- 
ing was $50,000. An instrument 
for $13 lm would not have been 
eligible in the present circum- 
stances, and BT was not obliged 
to comply. 

The demand for payment in 
cash was the assertion of a cus- 
tomer's fend amenta] right Ev- 
ery obligation in monetary 
terms was to be fulfilled by tbe 
delivery of cash unless other- 
wise agreed, or by some other 
operation which the creditor 
demanded and which the debt- 
or was obliged or content to per- 
form. 

Demand was made for 
cash.and was not complied, 
with. It was not argued that de- 
livery of cash in London would 
involve any illegal action In 
New York. Accordingly, BT was 
liable on that ground. 

By rule 210 In Dicey & Moms 
Kth ed, page 1433 "If a sum of 
money expressed in foreign cur- 
rrency is payable in England, it 
may be paid either in nnits of 


Computers in Business 

The Financial Times proposes to publish this survey on 2 November 1987 
Topics under discussion include: 

1 INTERNATIONAL SECTION 
A look at developments in: 

(a) the US 

fb) Japan 
(c) the UK 
id) France 
te) West Germany 

2 PERSONAL COMPUTERS 

The oersonal computer in business has become firmly established. It is moving from stand 
alone machine to networked business instrument This article will discuss progress and 
the influence of IBM’s release of its Personal System/2, 

3 APPLICATIONS 

' A look at some typical business areas suitable for automation. 
ia) Computer integrated man u fac tu r ing 
<b) Retail and distribution 

(c) Financial services 

(d) Personnel administration 

4 THE TECHNOLOGY 

(a) The evolving role of computer standards 
fb) Input and output— fact and fantasy 
(cl Storage— compact disc begins to make its mark 
(d) Networking— bringing it all together 

5 CASE STUDY 

A case study in automation leading to competitive advantage. 

information on advertising can be obtained from Meyrick Simmonds, telephone number 01- 
248 8000 extension 4540, or your usual Financial Times representative. 


the money of account or in ster- 
lings.” 

Zt might be agreed that a debt- 
or should not be entitled to pay; 
in sterling. There was no ex- 1 
press or implied term to that ef- 
fect here. 

When the general doctrine of 
Dicey & Morris was considered 
in the context of a bank account 
such as the presented there 
was no express or implied term 
that the obligation must be dis- 
charged only in dollars, the cus- 
tomer was entitled to demand 
payment In sterling if payment 
could not be made in dollars. 

There was an alternative de- 
mand for sterling ,and it was not 
suggested that that would have 
involved any illegal activity in 

New YorkJiad it not held that 
payment should have been! 
made in cash in dollars, the 
court would have held that pay- : 
ment should have been made in . 
sterling. 

With regard to the claim that 
a further $165m should have 
been transferred to London at 
2pm on January 7 1986 it was 
held that BT was in breach of 
contract in foiling to make the 
transfer. The result was a net 
loss to the London account of 
$I6L4m. That must be added to 
the bank's first claim as an ad- 
ditional sum for which that 
claim would have succeeded 
but for the breaches of contract. 

With regard to a claim in re- 
spect of BT's failure to make 
transfers in dne time under the 
managed account agreement 
between April 1984 and Novem- 
ber 1985, the court accepted ex- 
pert evidence that under New 
York law that would be de- 
scribed as *a rather flagrant ex- 
ample of bad faith* . BT had no 
defence to the claim under New 
York law. The Libyan Bank was 
entitled to damages. 

For the bank: Peter CresseU QC. 
WJL Blair and E McQualer (Lov- 
ell White $ King) 

For BT: Jonathan Sumption QC 
and D Lloyd Jones (Lmklaters $ 
Paines) 

By Rachel Davies 

Barrister 



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MANAGEMENT: Small Business 


Financial Times Tuesday October 6 1987. 


Path to independence 


Giving up the chauffeur 

Charles Batchelor points out that for executives who choose to leave large companies 
to set up on their own the advantages can outweigh the disadvantages 


. . ... 

7;x'.. /i ’X rr' 


PETER BRIGGS IS unusual for 
a British manager. Five years 
ago he left, a well-paid job with 
FMC Corporation, the Chicago- 
based machinery and chemicals 
group, lo set up his own small 
company making fruit-labelling 
equipment in Norwich. 

The business he founded, Sin- 
clair International, now has a 
subsidiary in California, sells to 
11 countries and employs 31 
people producing annual turn- 
over of nearly £3m. 

T decided that after 12 years 
with FMC gaining international 
experience there were things I 
wanted to accomplish outside 
the corporate fold.’ says Briggs, 
who is now 42. T saw a business 
opportunity that FMC didn't 
have any interest in following 
up.” 

Briggs took a step that rela- 
tively few British or Continen- 
tal managers are willing to risk: 
cutting loose from the comforts 
of a big corporation. Executives 
in the US have a reputation for 
being far more willing to strike 
out on their own. 

The psychology of managers 
in the UR is very different from 
that in the US’ says one British 
executive who has experience 
in boLh large and small compa- 
nies. 1 don't see many manag- 
ers in Britain around the age of 
35 wanting to go into small busi- 
ness.’ 

Why are British managers so 
reiucLant to strike out on their 
own? The British Venture Capi- 
tal Association commissioned a 
survey (see chart) 18 months ago 
which attempted to pinpoint the 
reasons. They are: 

A lack of Rinds - either own 
savings or borrowed - was seen 
as a major factor. Rates of taxa- 
tion are still relatively high 
compared with the US and 
mean that British executives 
are unable to save enough to 
risk launching out on their own. 

Whereas, in the top most prof- 
itable non-ftnancial businesses 
in the US and UK. 48 per cent of 
US managers can expect to have 
£lm or more in the form of 
savings, pensions and share op- 
tions by the time they are 
around 40. only 3 per cent of 
their British counterparts will 
have anything near this figure, 
says Ronald Cohen or Alan Pa- 
tricof Associates. 

These financial constraints 
mean the managers family may 
be reluctant to support him in 
his venture. If the manager has 


PROBLEMS WHEN CONSIDERING A START-UP 

% consider serious/ 0 20% 40% 60% 


moderate problems 

Lack of personal finance 

Lack of external finance 

H failed, would not get similar 
job back 

Concern over loss of value 
of existing pension 

Having to take a cut in salary 

Lack of suitable management 
team 

Funds needed for children's 
schooling 

Family opposition 
Giving up job status 
Stigma of failure 


Footnote: Have rnnemn badness or seriously conWfefed It (I/KG0.US43) 
Source- MOH1 lor Bntan Venture Capital AasocmPon 


■ UK 
□ US 


opted to send his children to 
private school and has taken on 
a large mortgage he will have 
little in the way of spare Rinds 
to ride out a business failure. 

The arrival of portable pen- 
sions has made managers more 
mobile but many over 40 are 
still reluctant to move because 
of the loss in benefits they 
would suffer. In the US by com- 
parison pension arrangements 
tend to be much less generous 
and play a smaller part in a 
manager's thinking. 

Managers get used to the com- 
fort of big company privileges. 
They have armies of assistants 
and secretaries around them to 
relieve them of the mundane 
chores. To set up on your own 
means doing it yourself. 

T bad a Jaguar and a chauf- 
feur, a top bat* pension, profit 
sharing and share options, 1 ' says 
Peter Webber, Formerly manag- 
ing director of Imperial Group's 
restaurants division with £5Qm 
of annual sales. ’ Everything 
was exceptionally good. Why 
should one move?’ 

Webber did move though - to 
take over the running of My Kin- 
da Town, the theme restaurant 
chain set up in London by the 
American entrepreneur Bob 
Payton - after Hanson Trust ac- 
quired ImperiaL 


A fear of failure deters many 
managers from making a move. 
The US is more tolerant of fail- 
ure than Britain and tends to 
regard it almost as proof of an 
entrepreneurial spirit In 
Britain, by contrast, City memo- 
ries are long and association 
with a business failure can 
damage a manager's career for 
a very long time. 

Finally, there are not many 
role models. The achievements 
of men such as Steve Jobs at Ap- 
ple Computer are given wide 
publicity <n the US. Fewer ex- 
amples exist in the UK and 
those who do are often reluc- 
tant to advertise themselves in 
an environment which has long 
been hostile to wealth creation. 

Despite these obstacles, how- 
ever, there are clear signs of 
change: 

• 3i (Investors in Industry) was 
surprised by the strength of the 
response to a recent mail shot it 
carried out to see if successful 
managers in mid-career would 
be willing to move 

"We asked 250 managers in 
large companies if they wanted 
to break out and do something 
fundamentally different or if 
they wanted to go on in their 
present companies for the next 
20 years,’ explains Chris Wood- 
ward, 3i’s marketing director. *1 


got 50 letters back from manag- 
ers saying either that they bad a 
proposition to put to us; that 
they wanted to buy out their 
company: or that they wanted to 
join a team to buy in to another 
company. I would not have got 
that response 10 years ago.’ 

• Managers in big companies 
show uo reluctance to join 
smaller firms if they are made 
an attractive offer, says Clive 
Mann, a director of headhunt- 
ers Whitehead Mann. 

•Some of our very small cli- 
ents are willing to pay a salary 
at least eqoal to that being of- 
fered by big companies, with 
equity options on top. They 
have to because they need to 
put up a good management team 
to get venture capital finance. 
lt‘s a chicken and egg situation,’ 
he explains. 

• Finally, demand at business 
schools for the optional courses 
on small business management 
available as part of many MBA 
degrees is on the increase. "Our 
small business elective courses 
are more popular than they 
were five to 10 years ago* re- 
ports Robert Coffee, lecturer in 
organisational behaviour at the 
London Business SchooL 

There are signs that the speed 
of change has not always been 
appreciated. One venture capi- 
tal manager contacted for this 
article expressed pessimism 
but realised when he checked 
that much of his small firms 
portfolio was managed by es- 
capees from larger businesses. 

Change is occurring because 
gradually role models are be- 
coming available and others are 
emulating them. Reductions in 
the higher rates of income tax 
and the introduction in 1S84 of 
generous executive share op- 
tions schemes - which can be 
cashed in from the end of this 
year - are starting to produce 
the "high net worth* individuals 
previously lacking this side of 
the Atlantic. 

On top of this, the pace of eco- 
nomic change has meant life in 
a big company is no longer quite 
as secure as it once was. ’Just 
because you join a big company 
does not mean yon are there for 
ever," says Clive Mann. 

Managers have become more 
willing to take up opportunities 
they believe are being missed 
by their employers. It was frus- 
tration with FMC*s failure to ex- 
pand its own fruit-labelling 
business which persuaded 


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Peter Briggs: 1 waited to accompfeh things outside the corporate toW 


Briggs to set up on his own. 

Id similar fashion David 
Langston, an American execu- 
tive working in Britain for a ma- 
jor US textile group, felt the UK 
disposable nappy business was 
’a market opportunity scream- 
ing out for entry.’ Problems 
elsewhere meant Langston's 
employer was unable to commit 
the fluids so in 1885 he set op 
Bine Ridge Care in Consett, 
County Durham. In the space of 
two years the company has tak- 
en third place in the UK market 
with annual sales of £l0m. 

Probably the most significant 
development has been the 
growth of the management buy- 
out - now followed by the buy-in 
- as a means of giving managers 
their independence. Both pro- 
vide managers with a relatively 
secure half-way house between 
the large corporation and com- 
plete independence. 

"There is a different per- 
ceived risk in joining a buy-out 
or a buy-in compared with going 
off and starting on your own in 
the wood shed,* explains Nicho- 
las Ferguson, chairman of 
Schroder Ventures. 

Doing a buy-out usually 
means you can go to the same 
office in the same car. You give 
np the security of a big group 
but for your family nothing 
changes’ says Harry FhzgLb- 
bons, managing director of 
Hambros Advanced Technology 
Trust. 

But despite these stirrings of 
the entrepreneurial spirit, 
there is still a long way to go. 
Greenfield start-ups remain few 
and far between and the avail- 
ability of tray-outs may have 
persuaded some managers to 


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avoid the tougher option of go- 
ing it alone. 

High technology ventures are 
relatively rare, partly due to the 
unwillingness of venture capi- 
talists to back them, but also be- 
cause managers lit the large 
electronics and pharmaceutical 
groups show little taste for in- 
dependence. 

Take bio-technology,” says 
Nick Pasricha, a partner at ac- 
countants Arthur Young. There 
is good technology In the uni- 
versities but Britain has only a 
handful of world scale compa- 
nies. There are good managers 
sitting in the big pharmaceuti- 
cal companies who will earn 
£50,000 a year. If they come out 
they could make millio ns. It is 
difficult to see why they don't* 

One hope of the venture capi- 
tal industry is that the Inland 
Revenue will make it more at- 
tractive for managers to invest 
their flinds in their own busi- 
ness. The British Venture Capi- 
tal Association has lobbied for 
the tax perks available to pas- 
sive investors under the Busi- 
ness Expansion Scheme to be 
extended to the BES-funded 
company's directors. I 

If executives can be per-, 
suaded to venture out, a tough If 
exciting time lays ahead of 
them. "Once yon step out you 
don't have time to look back,” 
promises John Pike, production 
director at Derwent Valley 
Foods, the crisp and cracker 
company started by former 
managers with Nabisco, the US 
foods gronpi It was not an easy 
decision,' says My Kinds Town's 
Peter Webber. "But the thought 
of going back fills me with hor- 
ror.’ 


than was previously thought 
possible, according lo the latest 
quarterly survey* carried oul 
by the Small Business Research 
Trust 

Some recent research had 
shown that in Britain small 
firms ceased to create new jobs 
at a fttirly early stage - much 
earlier certainly than was the 
case in the US. The rate of 
growth in the UK has previously 
tended to slow down once a 
business employs more than 20 
people. 

But the latest survey by the 
trust shows that more firms em- 
ploying at least 100 people in- 
creased staff numbers between 
the first quarter of 1986 and the 
first quarter of 1987 than any 
size group in 1985 and 1986. A 
net 38.7 per cent of the (admit- 
tedly small) number of compa- 
nies polled in the 100-plus cate- 
gory reported increases in the 
numbers they employed. 

This may represent only a 
’glimmer of hope’, says the sur- 
vey, that smaller firms can con- 
tinue to create more new jobs 
: than previously thought bat it is 
confirmed by the same compa- 


rer cent expect an increase 
compared with the first quarter, 
more than in any other size 
group. . 

Emplovment growth among 
small firms was strongest lathe 
north-west the east Midlands 
and Use south-east and, surpris- 
ingly. in the manufacturing sec- 
tor. 

An unwelcome corollary of 
this increase in employment 
was a slight increase hi report- 
ed shortages of skilled employ- 
ees. Skill shortages remained 
well down the list of small firm 
problems - after finance and in- 
terest rates, tax. low turnover 
and competition from big busi- 
ness - bat affected a larger per- 
centage of firms than any quar- 
ter in the past 18 months. Eight 
per cent of firms bad problems 
in the first 1987 quarter while 
9.6 per cent expected problems 
in foe second quarter. la the 
first 1986 quarter the figure was 
12 per cent 

Available from the trust at 
Francis House. Francis Street, 
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Durable source of advice 


HOW TO START up in business 
is a subject which has filled 
many yards of bookshelf space 
in recent years and there is no 
sign that foe flow of advice is 
about to slow down. With foe 
basic techniques explained is a 
score of publications - many of 
them available free from ac- 
countancy firms and the banks - 
every addition must fight hard 
for the would-be businessman's 
attention. 

Richard Hargreaves' Starting 
a Business* is not a total new- 
comer but has now gone into a 
second edition following its ini- 
tial publication in 1983. Its du- 
rability is due in no small mea- 
sure to the author's clear and 
concise treatment of his subject 
and his detailed knowledge of 
'the problems to be faced. 

From the obvious generalisa- 
tions abont being prepared to 
stick it out when the going gets 
tough to foe more detailed 
questions of preparing business 
plans and obtaining finance, he 
covers the ground the new busi- 
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■ Chapters are devoted to legal 
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of maintaining control and 
keeping good records and 


sources of outside help. Partic- 
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of questions to be asked at the 
different stages of the process. 

Hargreaves, who now heads 
his own venture capital compa- 
ny. Baronsmead Associates, 
takes care to outline the risks 
involved. These cannot be en- 
tirely avoided but they can be 
minimised by not tackling too 
many areas of new skills, he 
says. 

And while there is no magic 
formula for success, which de- 
pends more on attention to de- 
tail. most successful small busi- 
nesses have some special 
feature which gives them an 
edge in the harsh competitive 
world. 

He reiterates foe traditional 
venture capitalists’ "»»*■"» that 
it is the people running foe new 
company who are foe crucial el- 
ement Professional inve s tors 
would rather back good people 
with an indifferent idea than 
poor managers with a good 
idea; good managers will be 
better able to react to the inevi- 
table delays, crises and set- 
backs, he says. 

*VfiU.iam Bememann, 182 
pages, £935. 



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financial Services Group £1 m+ pre-tax profits seeks reverse 
situation. USM companymight suiL 

Prtadpate only In confidence to the Chairman Baa H7601. 
Financial Times, 10 Cannon Street, London EC4P4BY 



JOINT VENTURE/BUSINESS FOR SALE 

. £250,000 

rqyiproIttenowrrtCaiwlBwialOTiigigiarawoejointlftinSiinoruiiiiMii 
teaser ihaapplcantwBtefln^^^bM^&itiMaroaviiih an Wwam 
FaririspeaionatiaDfitsanddscussioncinpnMedurMetc. 

Ha m ait* Hi lha Aral fcwianea — h rrwitur* wrowrur 

B” F7W7. Financial Tbnos. 10 Cannon SSalflL Lronton EC4PSBY 


INTERNATIONAL 

BUSINESSMAN 

with fin a n cial/ marketing 
expertise and extensive 
commercial/ industrial 
connections UK/USA/ 
EUROPE series profitable 
growth orientated company 
where his time and experience 
would be beneficial 
Equity participation also possible. 
Reply Box No. F7658, 
RuaiKaalTnrKs, 10 Cannoa 
Street, London, EC4P4BY 


MORTGAGES 

on commercial, residential 

and Industrial properties 

at prime rates 5/ to years 
INTEREST ONLY 
btinimum Loan E250JXX) 

HIRSCH 

Europe's Loading 
Finance] Consultants 


Esae 

W: 01-625 5051 - Fa*: Ol^namifl 



LLOYD’S BROKERS 


fc*iependent Lloyd's broker with incom e in excess of £5m 
seeks association with often of similar or smaller size to 
continue its development id listed stains and further reduce 
costs of creural overheads and cribs and oarisrinns cover. 
Principals only. 

£25* "rtf th« arlcWarfldencB to to Chairman B« 


CAPITAL AVAILABLE 

ta businesses 
to expand or start-op 
fends aaHaUe for many propostie 

y&r 
















19 


Financial Times Tuesday October 6 1987 

Business Opportunities 


EXCITING BLOODSTOCK 
OPPORTUNITY 

Winters Enctosura 18887 
Succ e ss f ul ownerAusuncsman has 
avalidM 2 tfmrssonfy In a private 
partoership purchasing yaarfino’e at 
toa Carter UBon GeRs tale ki 


This to a unique opportunity t> 
psrttapaa hi fie riches 2 year okt 
race over 

For (ufthar Monmtton rente* 
Bryigrare Lid, Gordon House. 

. Station Road, London NW7 
2JU. Rot DM.Tataplttne.OT 
flOg 0*18,01 -0060507^ 




T;. 


TRADE OPPORTUNITIES 

W FLORIDA 

SAgB&fcaftJt 

& RdnbmChHOo mhIimI 
d Onto ml beat Un*a at OeObm 19 
and 14a 
To 


fa «ia ton «ndi w M»afe nutf f | 
^ „ S*»» «U Is to USA. Mbs 
CtoM. PbAo Confer. Maty Good. 3900 
T<1 Pm EX, StatonS. Lag* a MM-GM7 
a T*(fcaKSUcaa«aB. 
to Imm d*c to tmdn Ml Wtoo Onto « 

255,25?" - fc » - ***** *•«* * 

pt) 3X74000. 


ESTABLISHED 

BROKER 

Seeks limber lessor fix it's 
small ddoec bosiness 
. Write Bose F7682, 
Financial Times, 

10 Cannon Street; 
London, EC4P 4BY 


tf 


FINANCE FOR EXPORTS ■ 
IMPORTS ft UX TRADE 
BACK TO BACK LETTERS 
OF CREDIT 


tayeor topi 


ELKA FINANCE LTD 

ms bthm m, im4mki sal 
yet mm (ms - Teton mum 


D'nERNWlONALMARKEnNG 

HVITCPEMURS 

Wb hB hafc> you nW your 
products or FenHona worldwide. 
T WyN— oUHtoMMowitofla 
tarn taught as ewrytfitog we nmf 
to know to iMCpyou. 

WWb Bax K76BB, Hnaa MUnni. 

» Cannon OM. London, BGSP 4Bt 


MORTGAGES 

AND 

re-mortgages 

from10% Fixed 

SMMBJSK, 

Finance Broker* 

T0» SO .to n— to st London SFft 


a:«= 

-iSE 


« = 
npo 


WINDOW STOCKS 
FOR SALE 

E , / 2 m worth of leading brand, 
new window stock inducing 
limber, PVC. frames and patio 
doors. First offer over £60.000 
secures- V: ! 

Tel ( 0742 T 660087 


EXPANSION FINANCE FOR 
GROWING 00MMNES 

Bury Edrans « A jimtow a m «n 
Mm 8l Bupero at» 
tn hoping eamponm raw 
ttoanMMrexpaMiMBntfto^QpnwM Our 
MMM a neponed */ an oaopam 

pbmmg mmm ms WMUS 

Corporate Finance itataSe 
MwittHp Piam«B a toMMdtand 
Cndi Management. 

Tht *1-4003007 or wdtoto: 

Bury EMrta* Aaaoctom 
W S tontoy lto«c» 

London warru 


PRIVATE PERSON WITH 
g-3 MILLION SWISS 
FftANCS 

IN HAND WOULD CONSOER 
INTERESTING INVESTMENT 
PROPOSALS. 

Cipher 2*308213 
PubBcttae, 6801 
Lugano (CH) 


FINANCIAL 

SPECIALISTS 

Sblripajatoago fa i mw a to ud 

P^^m^maatnDSU. 
ftwifto p rc Oikmawmx wJt: interim 

Wang Mwumw t faWa 

7 AdtoereaSqnrefc Nortbwood, 

MMdka«xHAC3BO 
Tafc <09274) 22144 aad2M4f 


COMMERCIAL 

FINANCE 

Campotlthn ftotM 
loas« Ftoad tanrtat Ucmasaa 

Buatoaaa Finance w SOW of cast 


Consmuxton Rngnoa to 100W 

. IHBBBN MHRMCE 
COKSULDUnS (LONOOM) LTD 

nfeouesm 

toauntut 


UNIQUE OPPORTUNITY 


Now and Oorapitarad 

Ptokad lit 0rigJB«t supping c 

Large quantity mlliNfe. 
Aadadkiangiwt 

LEAVESLEY 

INTERNATIONAL 

Tel: ton 791071 Fuc 0383 
780833 TUCK 34328 LEAVES Q 


INVESTOR 

required for company 
omtk# high qVaBy patent*, 

vmnaadkig addUontf funding 

to continue growth. 
krMreUd, 

ST Quean Anna Smgt, 

London m 
MejMwngrag 


-A 
■ to 
a V 

-.•5 


WORKING INVESTOR 

wew 

lift 


lV. 


ccmenycat. 19X5. o p od a fia n g Jaaper 

jKTAatnn J«W. A.C. Focur. 
Snpab tadtitioa, naff and eoiUap 

Tet Jatt Hwenej, 
Godabni 
4311 


PRIVATE INVESTOR 

tastes u acquire an equity stoka In a 
moment wUn real grraidtpraapeca. 

Ample fends and, il required. 
financW expertise ewflaUa. Sarti* 
vanaaea abo considered. 

Write Box F7676. 
Financial Those, 10 Canton 
Sheet, London, EC4P4BY 




FREELANCE 

REPRESENTATIVES 

raquM tarn hew regjtorooW ad ta h 
%£££ " 


users to Eastern Eurapo. MOca and to 


"M 


wBlMl 

... F7B77, 
Brenda! Tknaa. to towi 
London, EG4P4BY 


OecinjrttcrfeaiQn and manufacturing 
company has capita eqipmerq .. 
product avtaabte tor flit autorwfc 
Wst eq UpmartmariMt. Seeks 
companies wttng » spend S25BK 
lor erorjr into the market 
PRINaPflUS,PHUfc= 
Wr^aBoxF7sae, 




-f- - 



BR OKER S 

nqtAed fcv expanflng Laashg 

Company. 

Vtoarebeamwed in Laara VttMa 
tomesooio e spo . oBtt 

H e eee aand AW dWeanto Bor 
F7BSS. 

jflGmor 
, Loadon, EC4P4ar 


■ SAL£SrtiARKETlNG 
PERSON or ORGAMSADON 

ngendr neadad to 

liiiiiilidfe l|iV|M| 



oonbi n y.m.^ __ 

I iiTTi i 'ifanrnnltoe. 

tondB«,E0ffW_^ 


Puhflc Company neetong 
kwaaonert opporuiniitea (n new 

vereaea. Can oflar jMe 
manufacturing and rraroting Irani 
currant proio companies tf 

Apply iSS a^Sniian , to 

annlfifanna 

WtCilfl cauKMra, 

Write Box F787B, 

Ftaandai Ttoaa, 10 Cannon 
Straat. London. EC4P 48 Y 


PRIVATE INVESTOR 

seeks proprietor-run business 

in flia service sector with 
historiN profit record and 

cunent pre-texprofit up to 

CfOO.OOOp.B- 
WritsBoxfTBZS. 
Financial Times, 10 Cannon 
Street London, EC4P4BV 


SMAIL DIVERSE COMPANY IN 
SOUTHWEST 
NEEDS CAPITAL INJECTION 
EQUITY OR DIRECTORSHIP 
AVAILABLE 
Writ* Bat K*689, 
Financial Timer, 10 C«k> 
Street, Loedon,BC*P4Br 


\m\ 

mm 

esMiasn- 


_ MANDIUC HOTEL 
■BAed. Wnferwra to* 

Prtocpato oak ptoassb 

Am 




thinking of going to 

BUSINESS SCHOOL? 

Leam more toy phbntag the BnsSzieBS 
Graduates Association for free invitation 
to reception 21st October 
01-637 7611 

Office Equipment 


I 

■y 


EXECUTIVE ITALIAN OFFICE 
FURNITURE 


rigkjd^igdesi(s,i 

la^toc M^ax^ygafk>n80fsy8tBnichgnigJolnb^bgTiinafe 

finishes and Bghl oak vfirteer. SiflatooSal 

FREE DEUVSnr AND INSTALLATION 

FUd^afc tet 0982 5005S7 -Fate 0982 5«S68-Tefex 818193 


Business for Sale 


Tileman and Company Limited 

ON RECEIVERSHIP) 


Tileman group. The group is an irffimahonal Civil Engineering contractor and designer specialising in 
chimneyssiootivr1allconcretesinKtijres.GFDimannuallLjrnover'm1986wasapprDxirnaifily£l2mand 
it has in excess d 100 direct employees worldwide. The group comprises the following: 


IN THE UK: 

• Civil Engfreeringand design contracting business 

• Head office property in Piftney. SW London 

• Workshops and piaityard ^ Shipstor on SIolh 

• Chimney linings, fire proofing aid sntaH incinerators business. 

OVERSEAS: 

Jnves&nertsmtf»ft)llo«*®TnB^orapef^i^sudsKiiaries: 

THM(SEA)PXEIMtad-SfaisapoR 
Tleaai(HK}LioiIM -Hoag tag 
Itliiiu ■! r mi Ml 1 1 Mfd Tnnntn 
TlteaBn(taslnlMis|UnitBd— Ktolbome 

Inaddrtionamimberofassoc^andjointventuresoperalBino^ 

rnnr rnrrim nirntMiiiiin 

■i i imf ii nrniUTiirP-T i> mm — ** — — to — r a* 

Price Water-house 


For Sale 

Aluminium 

Plating 

Company located in Leeds 
supplying the Aerospace 
industry (avB and mWiary) 
with alow eosLenviron- 
mertaPy dean coaling 
process for protection 
against corrosion. Presently 
sole UK supplier. 

Fully trained labor* force 
operating modem tufly 
equipped plant with certified 
approval from a leading 
Binraft manufacturer 
Turnover currenfiy approx. 
£400.000 pa. Substa n tia l 
scope for Improvement in 
arp ane fing market 
For further details please 
contact Arthur Ybung 
(ref OJPLBoa* House. 

7 Roils BuStflnge, 

Fetter Lwre, 

London EC4A1NH. 

Ibk (01)831 7130 exlK 3960 

A 

Arthur Young 


lOMUVnDMnMmMML 


SPECIALISED LINING 
& COATING BUSINESS 

LOYNE LIMITED - IN RECEIVERSHIP 

Business and assets for sale of this 
company and certain subsidiaries, which 
specialise in linings and coatings. 

One company specialises in on-site 
painting contracts. The group operates at 
Duckinheld, East Manchester from a free- 
hold site of SB acres in combined office 
and works premises of 58,000 square feet. 

Annual turnover approximately £3.7 
million. There are 80 employees. 

For further details contact: 

- John 'Warren FCA or Scott Martin FCA, 

Ernst & Whinney, Lowry House, 

17 Marble Su Manchester M2 3 AW. 

Telephone: 061-832 5784. Telex: 

668202. Fax: 061-834 7117. 


Ernst &Whinney 

Accountants, Advisers, Consultants 


ADAM MILLAR & CO. LTD. 

(In receivership) 

W Faarre Parrel, the R o c o i w r and M a ne g to of We long ettobfahed 
wine and spoft merchants, offers the b n sjj nes e and assets of the 
company for sale as agoing concam. asset s tnctude> 

* Freehold property comprising o*tan»e bonded and 
non bonded warehousing, production areas and oficae 
located aft Thomas Street Dubfinft 

* Wine end Spoil production and hoofing plent 

* Extensive range ofwine, spirit, mineral slocks and 
agencies. 

* Nationwide ttisfribu ti on network end cuslofrbesa 

* Kghfy experienced labour forea. 

* Baenave re sea rch anddevafap menf Into new pto d ucu . 

Enquiries Ik Ikr RSvffn Smith, cto Adam IIQv ft Co. 

United, 10-18 Thomas Street, 

DiABnB 

T«bS3080Q542B3 
Tater 90771 AMC El 
Fax; 5^500642353 Eda 122 

Farrell Grant Sparks & Co. 

Chartered Accountants 
6 Camden Place, Dublin 2. Telephone 
758137/71 440flm 4617. Telex: 90825 FGS EL 


FOR SALE— the business and assets of 
GLYNRICH ENGINEERING LIMITED 

ffnRecaiverBh^ 

J BDavfe and RT Turn er 
- J«^nt Administrative Receivers 

• (dressing and Bght fabrication business 

• Turnover £550,000 per annum 

• Establshed 'blue-chp' customers in automotive/ 
automotive after maricel/domestioappMance Industries 

• In house production fecfllties 
e Freehold premises 

• Easy access to Motorway Systam/West Midtends 

For futher delate, please contact 
J B Davis, Joint Administrative Receiver 


Neville Russell 

Chartered Accou n i.a n ts 


Britannia House 

50 Great Charles Street Queensway 
Birmingham B5 2LY 

Tdephone 021-236 7711 Fax 021 -236 2778 


Cash Flow Eased 
at Reasonable Rates 

If you company has sums of money tied 
up In good quality debtors you ran turn 
them into immediate cash using either 
bills Of exchange or on Invoice discounting 
faeffly at notes of interest that may be less 
than your bank is cunentty ctxsging yoa 

Alexanders Discount p4jc. established in 
1810. one of me members of the London 
Discount Maricet Association, have for 
many years specialised in hade finance. 

Far further Information please write or phone: 


Alexanders Discount pk. 

65 Coinha. London EC3V3PP Tet 01-626 5467 



For Sale 

Plumber’s Merchants 

(in Provisional liquidation) 

Offers are invited for the 
business and assets ofi 

Hand and Brodie limited 

Est 1960 

•Turnover £1.1 million pls. 
•Freehold property, 

&000 sq. ft including 
fixtures and fittings. 

•Stock plus goodwilL 
• Located on Fenton Industrial 
Estate, Dewsbury Road, 
Stoke-on-Trent 

Further information from 
R.S. Preece, 

Provisional Liquidator. 


& Touche Ross 

Eleven Albion Street Leeds LSI 5PJ 
Tet (0532) 444741. 



Manufacturer of High 
Quality PVC Plastic 
Products 

Plascal Products Limited 

(INRECEIVBtSHiP) 

The business and assets of this Glasgow based plastics 
converter are for sate by its receivers. Wil tsing high 
frequency welding techniques backed by graphic design, silk 
screen printing and toil blocking tadlities the company 
produces made to measure professional stationery, 
packaging, ring binders and lowers, marketing and point of 
sale aids. 

• Annual lumover of £1 million. 

• Prestigious client list 

• Full order book. ^ 

Waterhouse # 


uwnsa 

Helicopter Overhaul 
Company 

CAA approved. Heavy maintenance 
engine and component overhaul facility. 
Dual locations in the South. 19 employees. 
Turnover in excess of £1 million pa. 

Contact the Joint Receiver, Pieter A Hall, 
Grant Thornton, 31 Carlton Crescent, 
Southampton. SO 1 2EW. 
TeJ:(0703)22123L 


Grant Thornton 

( *1 • ART Ki’Ki > .-Vi * '« 'i XTA N !T 




road hauliers and 

WAREHOUSEMEN 

Runcorn, Cheshire 

P. Ramshonon offers for sale the basin ess of A.T. Galley 
& Company Limiied (in bquidafroa). Briefiycorqxisiag: 

# Freeboklaiiri k wglemcfaoM s Mgiegtc Mey weboiMe 
and workshop toUltag27j00Qsqft 

* 2 Jaar^vftthexcdtealacceatoraotaraays 

at: Substantial fleet of oaamKtdal vehicles sndtraierS 
with experienced drivers 
^ £500.000 anmal turnover 
Rk further infommtiod please contact: 

P. Rmabo ttnmorD.A.Tfcnnant 





ftfS^Peat Marwick McLintock 


7 Tib Lane, Manchester M2 ®S 
Telephone: 061-8324221 lcka:6683SS 


O UaHitfjtirt ad a a r te sdi wd 

TRANSLATION 

BUREAU 

wWi solid cuMomart vw n ari d fl ni r 

dasa panel Pmxapafretnrig but 
would act as eomJant lor 
tan art o na l period if desired. 

foricufariy atlrarfva ff utod to 
•spend exatvig buainaBt. 

SiiHtwnW pundTase price ju«fflad 

Wrfla Bee FlnaaeW 

TfanM, 10 Cemon Street, 

lytf9tt6S<££gI 


Successful Contract 
Drawing Office 
For Sale 

BftJftM 10 yean frith 
ffi n ytfu ht ff scope ftp 
BtfSOBB vkfab I 
ptantflex Oprawig n i 

■ad So 

B« N«. H2636, 

TtaBH. lft r owM 
LtodOd EC4P4BY 


CHESHAM. 

BECAUSE YOU ONLY SELL 
YOUR BUSINESS ONCE. 

Chesham are rhe leading merger 
brokers in Britain and have confidential 
briefs from several hundred public 
company chairmen, who arc looking lo 
buv successful, private companies worih 
£500,000 to £25m. 

If you're thinking of selling your 
business, contact our Managing Director 
to arrange a confidential discussion. 


CHESHAM /^TX 
AMALGAMATIONS ( ) 

The first name in merger broking. V ^ 


Audlev Hoitse.9 North Audtci Street. London, \S IY IWE 
Telephone: 01 -629 f»! 7. 


WARSTONE CHAIN 
CO. LIMITED 

(in administrative receivership) 

The Joint Administrative Receivers offer for sale the 
business and assets of Warstone Chain Co. Limited. 

* Chain makers for the jewellery industry. 

* Turnover cJ£600,000 p.a. including a substantial 
fashion element. 

* 28 modem chain making machines. 


Enquiries to: 

D. C. Lovett and A D. Harries, 
Arthur Andersen & Co., 

1 Victoria Square, 
Birmingham, B1 1BD. 
Telephone: 021-233 2101 . 


.Arthur 

Andersen 



Envelope Manufacturers 

Mid Wales 


The Business. Business Assets and Goodwill of Westminster Envelope 
Company Limited are offered for sale. 

The Company operates from modem leasehold premises in 
UandrindodWie&s, Powys. 

Ibe company employs approximately 12, producing an annual 

n i wn tor rtf app wiimlri yJ.10 nflflfl Q — tprftldillg (fmw nmwtt 

contracts. 


For farther details, contact Stephen J. HaD or the Administrate 
Receiver. Richard A. Smart at: 

Ddoltte Radons & Sells, 

Tudor House, 16 Cathedral Road. fk M i n Ui lk 

Cardiff CR 6PN on 10222) 23WH. UQQVQB 

Telex 498109. Fax (0222) 238838. 



Confectionery 

Manufacturer 

The business and assels are for sate ol Haivian Foods Limited 
(In Receivership). 

The comjwiy was established in 1880 and manufactures a 
wide range of sugar confectionery products and novelty items 
for the UK and international markets. 

• Purpose built freehold factory unit of 1 1 .000 sq ft 
equipped to latest hygiene standards. 

• Turnover a £450,000 per annum. 

• Fully automsed Baker Peridns Turbofilm cooking line. 

• Long established customer base. 


eAEJ 


rFE*. Meal 


Ptice Waterhouse tg|p 



Due to ill-health, 

ACCESSORY SUPPLIER TO 
THE CLOTHING INDUSTRY 

EstabHshed and profitable company based In Manchester 
supphersof accessories to clothing manufacturer throughout the 
Notff) of England Strong customer base. Continuing 
management available. 

Apply: ANTONY GOODMAN, 

Gruber Levinson Franks, Chartered Accountants, 

Peter House. Oxford Street. Manchester Ml SAB. 

GLF 

GMTBEB LEVINSON FRANKS 
Chutpmd AroouUflU 


Humberts Leisure 


Classic Georgian Country House Hotel 

Dorsel/WlHshire bordara 
10 ensuito bedrooms, bar, lounge, restaurant, i 



2 further houses 

In ad about 5 aerea of l 

Further land ovattabla 

For Sale Freehold as a going concern with fuff 
Inventory 

DetaBa: National Leisure Division. London OfBoo Tel: 

bury Office ^ 


01-629 6700 raid Shaftesbury i 


> Tab (0747} 3492 


Humberts, Chartered Surveyors 
25 Grosvenor Street. London W1X9PE Tel: 01-629 6700 



Computer Hardware Suppfier 
-for sale- 

VMbttk Company sds tespete 
coraputera and many ba&^ 
mates of peripherals and 
modifes. Currant tfo around E2m 
pa. Ten year variable proa 
record (no losses]. 

For diftafa apply Boz No H2S34, 
PmncteTkns^ 10 Cmnon Street, 


FOB SALE 

Long established repet i tion engineer- 
ing company, based in ibe North West. 
Turnover m 19S7 5362^)00. Directors 
wish to retire in the near future. Good 
order boohs, excellent work force and 
porfltable. Net assets, appox. £100,000. 
*'ato finnaBl Times 

ill CaoKW Stovrf. Uudaii BC4P 4BT. 


TELEPHONE Ol-SSO 7SSS EXT gu FOR 
FHS DETAILS Of OMt 000 uSS 
buriraeses tor safe, 


























Financial Times Tuesday October 6 1987 


Businesses For Sale 



KITCHEN FURNITURE 
MANUFACTURER 

Near Accrington, Lancashire 

P.T. Manenon and P. Ramshonom. Join! Admmisfwh* 
Receivers, offer for sale the bust ness of Garo Limited fin 
Adminktnxive Receivership) as a manufacturing unit. 
Briefly comprising; 

* Freehold property ( jppmsim a iely 27.000 sq. ft ) adjacent 
m MhS ccmipming factory, offices and showroom 

4 Plant and machinery 

* Trading -stock 

Rir further information, please contact: 

P.T. Mastcrwn or M.T. Seery 




'Peat Marwick McLintock 

Unfamtre. Lords Walk. Preston. Lancs. PRI 1LO 
Telephone: If 772 50821 Telex: IWQfiS 






Company Names For 
Sate 

Hit faflowlnaeo^« 9 naniM ana 

Abba* SpcwMh Ltd 

Cactixl& Geoani Property Co LM 
Gate Securities Us 
BafrcootUhHecuiMw Hd 
FnwtoIn Securities Uti 
Renoail Securities Lid 
South Motion Street Properties Ltd 
Vtobiri Securities Ltd 
WeAngton Startle* Ltd 
Contact S Moss on 
01-629 &*33 


MEDICAL COMPANY 
FOR SALE 

Anmiaf unover £Z5m. Wel 

estebSshad metical company 



COMMERCIAL AND INDUSTRIAL 
CLEANING BUSINESS 

Parent cBvesting a tong-estabished commercial and 
industrial cleaning business. Current turnover of over 
£1 ,000,000, with good margins. The business has a 
pre-eminent position in its local market. 

- 1 For further information please write to: 

|A DAVID GARRICK 

JL3LX 39 Queen Anne Street. London W1M WA 
J Tel: 01 .486 8142 Telex: 8954 102 

The Professionals in buying & selling companies 


PRIVATE PROPERTY INVESTMENT 
COMPANIES FOR SALE 




Businesses Wanted 




LICENSED DEPOSIT 
TAKING INSTITUTIONS 

Our clients wish ro acquire for cash a Demand Deposit Taker with the 
foUawfog charactRTfrtas 

• Based in London; 

• Established for five yean; 

• Carrying on a hanking hurt iwas reo y laa d w 
such for ra* purport* by the Inland Revenue; 

• Prawnf fiftdncml condition must McUy 
requirements for a hanking licence in continue. 

When replying, pkmc endow an auefaed copy nf the Company’s 
latnt Reports & Accounts. 

In the first Instance pieaoe write to Ken AodomML 
Andaman, Squires Lt<L, 117 Oieapsfcle. London EC2\ 
Replies will be fortmnied directly m our client. 


htemational Publishing 

and Publishing Services 

Company 



- compiling services and 
software 

- network services 

Writs Box No. H2654, Rnanoal 
Times, lOCarmgnSreet, 

London EC4P4BY 


Anderson, Squires 



130,000 per unman (3 war 
average). 

Principals only- PO Bern HZS3Z 
Financial Those, io Caman 
Street, London EC4P 4BY 


VICEROY AMALGAMATIONS LTD 

We hate a wide raaoe of bntnesn tor mle 
t fai ati Bh occ the UK 
Far our latest nst and arms of tatfncsx 

|df^ ff OKtUBCL 

BRISTOL. 0072) 290320 
LONDON 01-441 5757 
AUenquiries wOi be handled in tto strictest 
c wtfk feac e 



[® hUNTLEY & PARTNERS 


WATERS EDOC LKEHOEp YACHT CLUB. IcfylUc and Highly sought after S Wtesf 
tocawn beautiful wooded river wrtey Substantial water ImntoQH. exwngftm 
accommodation with 3 spacious and luxurious Bata, bar/restauraru. workshops, atom, 
■hop, ouavside fuel point. 16 moormgp, po ntoon , car park eto. UncopMed turnover 
ggani ilalt^ffiSMD si FRBEtMDUt UW-Utt OVER tWBJQO SUL SOU! 

40 Muttoy Plain, Plymouth PL4 ISLE 
Tai: (0752)202311 


PROFITABLE ENGINEERING COMPANY 
For sale in South Midlands due to impending retirement. Tube 
manipulation and Fabication engineers. Presswork, C02 
Welding, Brazing etc Modem machinery. Turnover in excess 
of £800K and npe far ex pans ion with long impressive profit 
record. 

Principals only write for further details tos- 
Ketth Jones, Taxation Consultant, 33 High Street, 
Evesham, Woros, WRIT 4DA 


Lloyd's Broker 

For sate Lloyd's Broker, smati 
UK Co mm ercial account 

Principals only. 

Write Box No. H26S2, 
Hnanetal Tbrns, 10 
Carmcm Street, London 
EC4P4BY 


FOR SALE 
Profitable Wholesale Meet 
Business In the 
Birmingham area 

Amm 0jm0H0rC2£M.* 
Enquirtes to Box No. H20S3. Financial 
TfeiNH. 10 Cannon Snot. London 




(Switchgear etc) 
Company for Sale 

O pe ttow Vg mr wo h aM In London. 
ritmshwt gw t wpuneou aw iota. 
Amm to ■nrarC’^m. Urey *Mb« 
mpataMWontaia. 
umhtotaitatoPo 


-JLpJj -- *■ 'T '•'* 


EMPLOYMENT AGENCY 

accpdre afl. or part of an easting successful agency outside 
central London. 

ft is our increased prosperity rimr has led us to this desire 


company in the near future. 

Apply to Christine Owen F.CA, 

Gruber Levinson Franks, Chartered Accountants. 
Peter House, Oxford Street. Manchester Ml 5AB. 



FOR SALE 

Spedafet En gineering Company. 
Estabfished product fates. Strang 
order booh. Sate# over £500.000. 
Profitable. Located South Com 
Box Nol H2G42. FfaancU 
Tims, 10 Cannon Street, 
London EC4P4BY 



Stented in the Mkfandi. Turnover 
£1 uzimfion. Assets EuairaSon. 
Good order book. 

Price eoughi ei«s mHOo*- 



US. PUBLIC CO. 

A NASDAQ ebgtofe company with 
ouerZOOO sharehofcleis. SI Registr- 
ation. Aaflabie tor sale or meigec 
Gmotihg ownership available: 
For to fiamati on please smd yaj 
company information to: 
VkSgeGno, toe. SfSRMiAe, 
ate3M.an ai te l CMWM, USA. 
wsmaumrsF. 


GLF 


GRUBER LEVINSON PVANKB 


INFORMATION PUBUSHING 

Leading British pubfisher of business^professtonal 
information and reference works seeks to expand Its 
publishing and information services interests by 
acquisition of profitable companies or pubBcations. 

Principals should send fuff detafe in strict confidence to: 
Box H2404, Financial Tunes 
10 Cannon Street, London EC4P4BY. 


EQUIPMENT LEASING 

Leasing companies or portfofios with receivabies of 
£2m+ required by UK subsidiary of major multi-national 
Group. 

Plaase reply ki strictest corfidenco to: 

Tony Nelson 

Managing Director McDonnel Douglas Finance 
Corporation Limited 
11 HiB Street, London, W1X7FB 
Tel: 01-629 0155 


BOULDING GROUP PLC 

Wish to purchase full works 
dosures including plant, 
machinery, stocks, 
buildings and band. 

Tel: 0742-680087 
Fiax: 0742-67D196 Telex: 54229 



Established British Machine 
Tool Manufacturer wishes to 
acquire other b uitnam fa 
tfif* msita «rea. Any da 
considered ftomtmafl 
private company to brga 
PLCL 

Reply to Box NqlK 2G56; 
Fha«a Times, 10 Cannon 
SkhL London EC4P4BY 


Small Public 
Company Required 

by rapkfly exporting 
uupu i y invesanem and 
dcvctopdJCril groiqj. Cash 
and properties to inject for 
control. 

Apply Box No. R2O0 
FhteBdal Times, 10 

Cannon Street, L qgdoa 

EC4P4BY 


PLC WISHES TO EXPAND 

BYACOUJSmONOF 

MANUFACTURING 

OR DISTRIBUTION . 


Write Bax H24S0. Fmandat Times 
n Cannon Stowt London £C«P4sr 


PUBLIC COMPANY’S 
wants to acquire JJoydfc 
Broking Firms and recruit 
Teams of London Insurance 
Market Specialists. Equity 
participation possible. 

Write Box H7372, Financial Times, 
10 Cannon Street. London EC4F4BY 


EXPANDING PLC 

Wishes to ecxiutre Property 
Dmstapmeni Compotes. Houafog 
Cortoantod. Comracflno Compartss 
arcavbtmBtan. 

Mlt tettet wnteniiib 

RnancsOracSir 
Box HI 022, RnonMTktm 
to Caman Stool London E04P4BY 


MAILORDER 

WMitoacqiAs if— 1 tiS TS Hp H 
ptete—f Mw iasnpBtei 
canto— A TO rah. CSOuOOO-'fM 
tan tofth utom ric— tow 
ClflUOL TMj| a Imm 3 gam m. Mri 

Box Nbl H2S07 Hamito TMM, 10 
Cm 9D— i. London GOi* ear 


Clubs 


tm kn owflmf the otfm bcc—e of a pafcr 
hfr-pKOi and Wlor tor nmr- S— rkMU- 
330 an. Ofaco ami — m mfcJim. to w a um a i 
SfV, m ^S9 8ou, * llo,,i - W9, fiwat st, 


Exhibitions 


SUSS CMS RAVERS GeM ExHMdao, Ldghtoal 


Pic Engineering Seeks Acquisitions 

A progressive pfe fs seeking to expand Ks business base through 
acquisition in the manufacturing sector 

We are looking for companies In the small to metfiuin size range with 
pre-tax profits of ap to Elm 

Consideration for the purchase of any acquisition can be based on 
cash or equity or a suitable mix 

Write Box H2271, Financial Times, TO Cannon St, London EC4P 4 BY 


foffBcL netting 
mTai-734 0557. 


Business Services 


Bo unl mt. 189, 


FOR SALE 
Marine and Industrial 
Engineers 

East Angfia 
WeBestabfanedand 
suooaGshd company. Turnover 
in excess of £1 mffion par 
annum. S u b s ta ntia l net assets 
e £1.5 million, inducting freehold 
properties. Interested 
pnndpals. please write to 
Box No HZ6S7, Financial 
Tiroes, 10 Cannon Street, 
London EC4P 4BY 


Established Contracting 
Business 
FOR SALE 

Imolwd h CM Qoundvoriis, Erohmorihg 
and Ran Kn Mh axcofcnt mnaps—n 
Mam in ptan. Tunw tor 1987 n ncsed 
ESmSonwntipnfitafosxcassolCl mifon 
and ponfern Equcfiy oxcaedng C3T4 mflon 
fans' value £2.4 adofl). Good doraali. 
Fraehoto 2 iff acre Comackn yard, and 
mod— offices. Location Nodi Wad d 
London, dose to be U2S morom e y. 
Principal considering isttrenart Price 
iw?M£i5inSon 

BoxNa H2649 RnandWTImat, IDCmnon 
Street. London EC4P4BY 


Franchising 


RES. Home Surrey 

Ragd. 29-N.P. Cl 23^08 PA. 
Develop potersW. P/P avaSaUe. 
Expdg maikAL toanac prop. £1 JSm. 
RoK 70385 RS 

Nursing Home Essex 

Regd. 46. Superior Victorian prop. 
Avfi ncome E8.O0O p.w. N.P. 50%. 
Sufff operation. Secure market. 
Valuable Invaatmom. CiSm. Ret 
70885 NS 

Furthar detslle 
Profsssionaf Usnagsment 
Service*. 63 High SL, 
Skip ton BD2S 1EF 
Tel: 0756-69511 


Company Notices 



YES! 

We ARE successful! 

We have over 130 
quick-printing Centres N ‘ 
;ntheUK 

We have 3 franchise . 

th.lt WORKS 
With ,i p.reot FUTURE 
And the highest 
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rent success 
have proven business 
skills. aiH capital 

cl £27-20.000 
CiciAnne Wiig.'iL 
Franchise Sales 
Manager. Freephciii; 

0800 280700 * - 

f'rwrrterofr.rat . 

Ka.l Kw « Fr r.lnf •Ilk.; Ll5 
k-a'^A hHccst . 
lO'ir’emti'sieRrf, Ruisiip 
M.--:ese»ilA4tiNW 
r hone :8s^5}63270n 



JvunaqaicJccall away 


FOR SALE 

Turnover £500,000+ 
Net Profit £50,000+ 

Wnte Box H2659 
Financial Times 
10 Cannon Street 
London EC4P 4BY 


FOR SALE 
Successful Screen 
Printing and Display 
Manufacturer 

(South Herts, dose to M25) 
Wefi estabfished and 
successful Printing Compato) 
wish its own practijcts ana sale 
organisation. Turnover in 
excess of £500,000. 
Principtes orriy ptease to: 
Mercer & Hole, Chartered 
Accountants, 72 London 
Road, SL Albans Herts 
AL1 INS 


PLYMOUTH 
Ice Cream Factory 

Folly equipped nd wuh 
mbnxfflul production 
capability. For nlc freehold 
with aD fUm re i and 
Apply: Chester ton 
Lalonde. tekphone 0752 
£71U57 


Photocopier Dealership 

MhOsMhbHcd. CL.Inteaanr- 
£2S0K (^pvM}«iaansd pndh. 
Owner scdti ootright aaleor nugor 

MhHidkeoBf«y|b«iihiVHv» 

cadyflnUBictt 

Pmxipda only dmld caauci Bra No. 
H264&, Fbwaetxi Turn, lOCaanoa 
Sto*.LwkMBD«*48Y 




WHOLESALE D1STRBUTK)N/MANUFACTUR1NG 
FOR LEISURE MARKETS 

Nook American Gfocp, apasbg tbroagjb kg UJL Sufaridtery, wttdt is 
■beady snrelvied in the numufacnoc and whotaale d tewhahm of 
prtxfaKU, throughout Ac UJL aid Europe, wishes to ibexe 

activities. 

We sib retaeated in hearing from principals mniiilnin| gf 

their invotiureu m C naparin engaged in «.■!«. ami itM sad 
ngiplying hno the Fishing, Canvas and Marine, ryufrw 

rawiti or other leisure 

Write Bax H2847, Financial Thrm*. 

10 Cannon Street, London EC4P 4BY 


"A succncsfuL docentraflMd and wol managed 
F-LC. b AxpcsKfing Bs oxisfing Infwasfat ki 
•n^iwnrlng, control ftutrumonta&on and pkastics 
and li kowi to acquire progressive compa ni es to 
fttoso fjofob. 

Irtoreslod parties riiotJd write In strict confidence 
tes- Box H2631, FhandaUlmctt, 10 Cannon Shoot, 
London EC4P4BY 


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SURECOM LIMITED 
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VICEROY AMALGAMATIONS LTD 

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East or Asia, 

a import of gfftware, housowara, stationery, fancy 
goods, toys, electronics, garments, fashion jewellery or any 
other non-food items. 

Please wrfts dvira dotaBs to Box KZ655L FJnancW Tbmt. 


Street, London 


B.A.I.I. FINANCE 
COMPANY N.V. 

US$50,000, 000 floating rate 

Notes 1983/1991 
The rate of interest applicable to 
the Interest period from 30th 
September 1987 up (o 31st March 
1988 as determined by the 
reference agent is 8£ per cent per 
annum namely US$214.45 per note 
of US$5,000 


Art Galleries 


im MSK LAME Aim OIKS FML Pa* Uto 

WOW , Pteaw fr. LondM, WL ol-W UZL. 
7-Lc OPDnr. 


■MLWWOeit* Ab»k St. Ltoton m. 

Jntn FtMr— Ceeratan Anadto. 16 StM-lb 
OeLFoto atov m MB. MuM 
10-12J0. 01-629 MU. 

fOUMOH SALLOIV praamto CARLOS NABAL. 
Flre wto» r_ LmdM ExHrttha. 9 30-5 JO ak. 

a** sre*. 10 obw« a, wi.oi- 

enro^TORARY Ail OMUUm. 
5th-l0rt Ocutor. Uphi GaUrry. 74 5o«ii 


- NOTICE TO eONDK OLDENS OF 
< THE SAHWA BANK. UNITES 
U.S -$300, 000,000 

1H PER CENT. CONVERTIBLE BONDS 
DUE 2002 

Parwanl to Clauso 7, sub-clauses (B) and 
(Cl of (he Trust Deed routing to the 
Son*, notice Is hereby given as follow*: 
The Issue of new shares by free distribu- 
tion ms determined <w 19ih September, 
1987 in accordance wlU, a resolution 
dated 20th August, 1987 of the Board of 
Directors of The Soman Bank. Limited 
4Ute “Cofmany"), the particulars of wMeh 
Are set out below. 

(1) The thee dtetrlbattai of shares of 
Common Stock of the Company will 

be made to shareholders of record as 

of 30th Sep tembe r. 1907 (the 
"Record Date") at the rate of 0C3 
mw shares for each share then held. 
Provided, howevei , all fractional 
■** shares resulting from allotment 
under the free distribution will be 
sbM by the Company and the pro- 
ceed* will be distributed to share- 
holders In proportion to their 
interests In such fractional shares. 
(23 Such free distribution win be made on 
Iftttl November, 5987. 

Aceordlnuty. pursuant to CondHlon 6 (C) 
<11 of the Bonds, the Conversion Price will 
be adjusted from Y3.059.0G to Y2, 969.90 
P or share whh effect from 1st October, 
1487. 

THE SANWA BANK, LIMITED 


ITALIAN COMPANY 

with advanced organisation and well established industrial 
customers 

IS LOOKING FOR 

technical goods to be marketed in fialy. Hr* dess references 
and primary Bank guarantees can be supplied. 
Please write to: Cassette 42/A SH lOUX) MILANO 


BUSINESS 
CENTRES 
Fully quoted PLC is 
interested in acquiring 
further famished, serviced 
office businesses. Existing 
management, while rax 
essentia!, would be 
welcomed. 
Warringtons PLC, 
Ref. AJL, 22 Brook 
Street, London W1Y 
1AE 




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Financial Times Tuesday October 6 1987 


THE ARTS 


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Ivan le Terrible/Elizabeth Hall 


David Murray 


Not Rimaky-Korsakov, but 
early Bizet: never performed 
since the manuscript was 
noticed again in 1938 and 
newly completed after the war 
by Henri Bower. {The opera is 
known to music-historians as 
Ivm IV. bnt loon le Terrible 

was to have been its title at the 
Paris Opera, like the lost opera 
that Gounod had already com- 
posed on the same libretto.) 
There teems to have been a 
second, finished version which 
Bizet destroyed; B asset had to 
orchestrate the fifth act of the 
surviving draft, and he chose to 
make a number of cuts through- 
out the opera. On. Sunday the 
Chelsea Opera Group restored 
most of those, since a concert 
performance without the elabo- 
rate intended scenery can move 
much faster. 

In fact this Ivan was one of 
the liveliest and brightest of 
the enterprising Chelsea Opera 
revivals, thanirw equally to 
Bisefa score — not grownup 
Bizet, butr as elegant and in- 
ventively varied as one would 
expect from the composer of 
Doctor Miracle and the Sym- 
phony in C — and to the eager 
Chelsea performers conducted 
so crisply by Howard Williams. 
The plot, which has some 
slender historical roots, is more 
ramified than The Pearlflsbers 
but even more liable to Zook 
overdressed and silly in a full- 
scale staging, given its routine 
mock-erotic melodrama. Much 
better to appreciate the opera 
in the concert hall, if the per- 
formers go at it with the stylish 
enthusiasm of Sunday'S cash 


The louring Ivan of Anthony 
Htehaels-Hoore grew mightily 
in stature, challenged by a 
tough pair of bass-baritone 
enemies: Tom McDonnell’s Cir- 
cassian Prince, robbed by Ivan 
at his daughter Marie, and 
Brian Baxmatyne-Scott’s sonor- 
ously scheming courtier. (Bizet 
digtingntqiKMi them all musically 
with assured skill.) The ab- 
ducted Marie was Elizabeth 
Collier, whose soprano some- 
times spread under pressure 
but was always fervent; as her 
frantically devoted brother Igor 
— though the kink In the story 
is that she actually falls 1 for 
Ivan, her romantic duets are all 
with Igor — Justin Lavender 
was lustily heroic enough to 
excuse a habit of going sharp 
in fortissimo. 

Igor is lucky with duets, for 
Bizet awards him several more 
with his baritone elders, none 
as haunting as the famous 
Pearlfishers number but each 
expertly dramatic. Chelsea 
chose to cast another tenor as 
the Young Bulgarian, whom 
Bizet imagined as a soprano 
(the role is there only for 
lyrical relief), and Howard 
Milner’s fresh, appealing timbre 
wholly justified the choice. The 

S Swedish memo Gunvor 
n, as Ivan’s kindly, icon- 
brandishing sister Olga, was yet 
another artist who whetted 
one’s appetite to hear her again 
soon. Tiny roles were taken 
with distinction by the tenor 
Stephen Williams and the bass 
Jonathan May, and the chorus 
was impeccably keen. The 
general level of French, by the 
by. was creditably fer above the 
British norm. 


Sinopoli/Festival Hall 


Dominic Gill 


The Philharmonic are still a 
great — potentially perhaps still 
Britain's greatest — symphony 
orchestra: but bow much longer 
can they continue to tolerate 
Giuseppe Sinopoli as their 
director and principal 
conductor? Effective promotion 
of an effective image (as the 
Marketing pages of this paper 
regularly remind us) goes a 
long way these days: but it is 
notoriously difficult (as the 
same pages also remind ns) to 
bluff all of the people all of the 
time. After three long years, 
even the expertly marketed and 
stubbornly defended Sinopoli 
image; without a reliable pro- 
duct to sustain it, is growing 

riinHnetly thin. - • 

- SinopoU’s concert with the 
Fhilharmonia on Saturday night 
was a depressingly characteris- 
tic affair: a recital of the notes 
by a fine virtuoso band which 
ar the same time offered no 
perceptible "view* 1 of the 
music, no kind of original per- 
spective or vital Illumination. 
The Philharmonia can make a 
decent impression, and indeed 
from time to time a brilliant 
impression, under anyone who 
can beat time dearly. 

Sinopoli may perhaps know 
in broad terms what effect he 
intends his performances to 
have, and where he intends 
them to go — but in his principal 
role of efficient time-keeper, left 
hand as ever vigorously mirror- 
ing the right, such matters as 
the subtie interplay of instru- 
mental texture, the subtle dove- 
tailing of counterpoints, the 
variety of colour and rhythmic 


emphasis, seem to be left largely 
to chance. 

That, at least, is once again 
how Saturday evening's per- 
formances sounded. If there is 
an obviously “ effective” ges- 
ture to be made — a sudden 
pianissimo, and big brash cli- 
max, a particularly arresting 
instrumental combination— then 
Sinopoli will seize it, and for 
lack of any other focal point 
in bis interpretation, com- 
monly also inflate it out of all 
proportion. But the middle- 
ground of the music; where 
those gestures themselves are 
generated, and from which 
they gain, their context and 
meaning, remains mtrendttingiy 
bland. 

For this reason a dose 
description of a Sinopoli per- 
formance is most often a 
description of what is missing, 
rather than what is actually 
there. Nothing in the least 
ueenarkable happened in his 
account of Elgar's Falstaff — 
but a world of subtle colouring 
and dramatic interplay was 
absent The Mendelsaohnian 
scherzo of Schumann’s second 
symphony buzzed with predict- 
able brio: but the rest of the 
music, notably the soaring 
adagio, emerged as a one- 
dimensional representation, 
flat and charmless, without 
character or depth. An inter- 
lude, altogether too brief, was 
provided by the Phflharmonla’s 
principal bassoon, Meyrick 
Alexander, who played Moearfs 
little bassoon concerto K191 
with real warmth and charm. 


Paris exhibilions/William Packer 

Painted with Apollo in mind 


By an intriguing coincidence 
a group of exhibitions now 
current in and around Paris 
prove to be curiously sympa- 
thetic, although the two artists 
concerned are separated by 
medium, preoccupation, nation- 
ality, and some 300 years. 

The Grand Palais is domi- 
nated by the work of the last 
great master of the French 
roccoco, Jean-Honore Fragon- 
ard (until January 4, then on 
to New York: sponsored in 
France by the Banque la Henin 
and by Fimagest). The exhibi- 
tion continues magnificently 
the series of studies in French 
painting, from the 17th to the 
19th centuries, put on at the 
Grand Palais in recent years: 
to see Fragonard now, so dose 
upon Claude (1983), Watteau 
(1984) and Boucher (1986), is 
to move nearer to a definitive 
view of the art of the “anden 
regime** in France. 

To be set against this is the 
more bracing work of the 
modern Scottish sculptor, poet 
and pamphleteer. Ian Hamilton 
Finlay, shown in three quite 
distinct but related exhibitions 
all supported by the same spon- 
sors— Cartier, Glenlivet and the 
British Council. The principal 
show has been put on by the 
Fondetion Cartier pour FArt 
Content porain at its art centre 
in foe village of Jouy-en-Josas, 
on foe western outskirts of the 
city (until December 13). 

Pounuitea SevoUtUomaire* 
Ives both the title and the 
e. for Finlay is steeped in 
the polemic and principles of 
the Revolution, and has made 
particular play— in the texts 
that are central to bis work — 
with the of Saint-Just. 

The spirit of neo-classicism in- 
forms the work, the aesthetic 
purity and high-mindedness of 
which so reflected the political 
imperatives of the time. 



Les Baigneuses ** by Fragonard 




“For the best of the Jaco- 
bins. 1 ’ says Findlay in a dictum 
published with Ms catalogue, 
“the Revolution was intended 
as a pastoral whose Virgil was 
Rousseau.” He delivers such 


texts either in print or by 
physical inscription on objects 
or material, and insistently the 
rtigrimi reference is to bucolic 
myth and metamorphosis, to 
gods and nymphs in Aready. 

The principal display at 
Jouy, which fills all three 
levels of a somewhat sinister 
bunker or blockhouse behind a 
screen of trees at the lower 
edge of the park, is not so much 
dominated as punctuated with 
the images in silhouette, 
derived from Bernini, of 
Daphne in desperate flight from 
Apollo. “Many descriptions of 
Saint-Just,” says Finlay, “seem 
to be composed with the god 
Apollo in mi"<i . . . The 
Republic flies, the Revolu- 
tionary pursues her "—the 
beautiful ideal impossible to 
attain. 

These same images with 


Two artists win the £10,000 Barclays Bank award 


Two artists. Frank Creber 
and Philip Kett, have shared 
the annual £10,000 award spon- 
sored by Barclay 8 Baltic for 
postgraduate painting students, 
selected on outst an d i ng merit 
by an independent panel of 
judges. 


Both studied at the Chelsea 
School of Art. and their work, 
together with that iff other 
young artists selected for the 
competition, is on show at the 
Henry Moore Gallery at the 
Royal College of Art until 
October 10. 



1987, by Ian Hamilton Finlay 


their text from Ovid are at the 
heart of the smaller show, 
Pastorates, at the GaJerie 
Claire Burras (3032 rue de 
Lappe, near the Bastille: until 
November 9), along with a 
number of broadly ' related 
works: “And even as she fled 
she charmed him. The wind 
blew ber garments and her hair 
streamed loose ... So flew the 
God and the Nymph — he on the 
wings of love and she on the 
wings of fear," 

His third show. In the 
annexe to the Bihlfotheque 
Nationale (4 rue Vivienne. 
2me: until October 31) is a 
single tableau set out with 
ancillary documentation. Ha 
subject is the Battle of Midway 
in June 1942, between the 
American and Japanese 
carriers at the turning point of 
the war in the Pacific. The 
seven capital ships engaged are 
each repre sente d by a white 
beehive and are separated by 
seven rose bushes that rise 
head high on their slender 
stems to burst into dark clouds 
of foliage. “Here perished the 
■eo-hives, consumed with their 
most choice swarms by their 
own flame-bearing honey.” 

For all his fierce polemic 
and theoretical engagement 
elsewhere, Finlay remains at 
heart the sculptor and poet of 
mysterious, ironical, poetical 
suggestion, at his most interest- 
ing when"-, most ambiguous. 
“ Touts chose sacree* run* the 
inscription on the simple 
tablet, **et qni vent demon rer 
sacree s'enveloppe de 
mystere." 

Thus, by an elliptical path, 
we come back to Fragonard, 
whose career was ruined by 
the Revolution, yet who became 
the pensioner of the State upon 
the intervention of David — the 
first great apostate of the 
roccoco — and died in obscure 
po v erty in 1806, when already 
the Empire had succeeded the 
Republic. Critical obscurity 
was to last into the 1860s, when 
the interest of the brothers 
Goncourt first revived his repu- 
tation; but even so he has 
remained something of a fugi- 
tive and marginal figure, 
delightful enough but essenti- 
ally unserlous. 

This exhibition, therefore, is 
as important as It is delightful, 
for it reveals at last an artist 
of true originality and power. 
The amused, humane eroticism 
is dear, whether worked up 
into the decorative and finished 
canvas or left transient and 
suggestive, a mere thought 
upon the page. The stolen kiss; 
the high dirt of a skirt and 
flash of a thigh; rlandactinw 


meetings; curious girls in the 
dormitory; the artist and his 
model; the blush on the cheek 
and tile heave of a breast; 
there may be a case to be made 
for Fragonard the moralist, but 
it could be in no sense an 
apology, for what touches us is 
no pathological prurience but 
only an affectionate understand- 
ing of life's amorous, eternal 
comedy. 

Rut it is never subject-matter 
alone that makes the artist but 
what he does with it, and here 
we find an artist by no means 
limited to a single genre. And 
while the variety in the work 
comes as something of a 
surprise, the boldness and 
fluency in the handling are 
what astonish us. The expressive 
vigour and freedom of the half- 
length “Figures de Fantaste” 
recall no contemporary artist 
but the earher Hals and the 
later Delacroix and Gericault. 
Fragonard seems now to stand 
at the crossroads of painting: 
more cosmopolitan than not; a 
delicate realist after his first 
master, Chardin: heir to the 
courtly gallantries of Watteau; 
wry social observer but 
without satire and bawdry; and 
high Romantic before Ms time. 

Heir to Watteau. Indeed; but 
with little of his besetting 
melancholy. The delight there 
Is in Fragonard's work lies in 
his very directness and lack of 
complication. . In his greatest 
paintings all comes together 
with a subtle and active easi- 
ness. An entire end wall of the 
upper gallery of the Grand 
Palais is given to “La Fete a 
Saint-Cloud,” a huge oanvas 
dating from the late 1770s; it 
is painted with the lightest 
touch, clearly unfinished in 
places and left happily at the 
merest suggestion in many 
otters. Bathed in the golden 
afterglow of a late summer 
afternoon, the players enchant 
their audience from their stage 
beneath the trees, children sit 
enthralled by the puppet show, 
and passers-by lean over the 
balustrade by the market stall, 
quietly passing their time away 
at the most perfect “ Fete 
Cbampetre” there ever was; 


“Midday Mozart” at 
the Elizabeth Hall 

A series of lunchtime con- 
certs, Midday Mozart, will be 
held in the Queen Elizabeth 
Hail in October, to be per- 
formed by the Capricorn 
Ensemble on October 6, 13, 20 
and 27. 


Arts Guide 


October 2-8 


Theatre 

NEW YORK 

Ferns (46th Street): August Wilson 
bit a home-fun, this year's Pulitzer 
Prize, with James Earle Jones tak- 
ing the powerful lead role of an old 
ba seball player raising a family in 
an industrial crty id (he 1058s, try* 
mp to improve tot but dogged by his 
own fail i n g s . (221-1211). 


cats (Winter Garden): Still a sellout, 
Trevor Nunn’s production of TJS. E2- 
bofs children's poetry set to trendy 
music is visually startling and 
fptj n», hut pll»«iP 
only in the sense of a rather staid 
and overblown idee of theatricality. 
(2390282). 

4Sxf Sheet (Msjdsts# An immodest 
celebration iff the heyday of Broad- 
way in the *30s incorporates gems 


from the original film Hb» 

Off To Buffalo with the appropri- 
ately brash and leggy hoofing by a 
large chorus line. (977 9020). 

A Chorus line (Sbobert): The longest- 
running musical ever in America 
has not only supported Joseph 
Popp's Public Theater for eight 
years but also updated the musical 
genre with its backstage story in 
which the songs are used as audi- 


tions rather 
(239 6200). 


than emotions. 



Sandeman Founders Reserve Port 
No Longer Reserved To The English. 


La Cage aux FoBes (Palace): With 
some tuneful Jerry Herman songs, 
Harvey FiersteLn'B adaptation of the 
French film manages, barely, to cap- 
tore the feel of the sweet And hilar- 
ious original between high-kicking 
and gaudy chorus numbers. 
(7572528). 

WASHMGTON 

Breaking file Code (Elsenhower: De- 
rek Jacobi brings his role of Alan 
Taring to America. Ends Oct 31. 
Kennedy Center (254 3670). 

Bed Nears (G oodman) : The Amwfoan 
premiere of Peter Baines' medieval 
vaudeville comedy pHs Father Flote 
(Ivar Brogger) a gainst the plaque 
with bis remedy of humour. 

Oct 31. (4433800). 

TOKYO 

Les HteraUe& After London and 
New York, non Tokyo and the Japa- 
nese version of the Tony-award win- 
ning musical. The .cast was hand- 
picked by the Creative team of pro- 
ducer Cameron Mackintosh (from 
an astounding 11500 hopefuls), then 
trained for nine months in a special 
“ecole" and rehearsed by director 
John Caird. Costumes, set, sound, 
lighting have been supervised by 
the respective original designer 
flown in from London. Toho's Les 
Mis&ra Wes i* a triumph. The best 
production of a Western musical in 
Japan, it differs Bttte from the origir 
naJ London version. Convincing and 
moving, this top-quality production 
shows what can be achieved with 


proper and training. Spon- 

sored by the cosmetics company, 
Shiseido. Imperial Theatre, near 
Ginza. (2617777). 

Nob by ToreMigfal (takagi Nob). Ideal 
for the lovely cool autumn evenings, 
this threatre by firelight offers a 
rare chance to experience Nob in Its 
original outdoor setting. The effect 
of strategically placed fire caskets 
arou nd the darkened stage is per- 
fect for its other-worldly atmos- 
phere- Yorobosbi is about a reconcil- 
iation between a father and his ban- 
ished son who becomes a beggar- 
priest, aod is followed by the kyog- 
ea comic piece, Tsuto Ya m a b u s h. 
The pocket books A Guide to Nob 
and Guide to Kyogen (available at 
hotel bookshops), give the plots. Hi- 
fcaya Oty Plaza, near Ginza. (Thur). 
(237 9999; MS 0295). 


LONDON 

Antony aad Geepatra (Olivier)-, fetef 
HalTs best production for the Na- 
tional Theatre be leaves in 1S88 
brings this great but notoriously dif- 
ficult play to thrilling life, with Judi 
Dench and Anthony Hopkins as bah 

tie scarred lovers on the brink of old 

age. Dencb is angry, witty and ulti- 
mately moving. Best of the rest at 
the NT is Michael Gambon giving 
bis finest ever performance as Ar- 
thur Millet's doomed longshoreman 
in A View from the Bridge; Juliet 
Stevenson to a fine revival of Lor- 
ca's Yenna; and David Hare's pro- 
duction of King Lear. Hopkins, a 
massive gnarled oak, which gathers 
force and more friends as it contin- 
ues in the repertoire (928 2252). 


The Phantom ot the Opera (Her Maj- 
esty's): Spectacular but emotionally 
nutritional new musical by Andrew 
Lloyd Webber emphasising the ro- 
mance in Leroux’s 1911 novel. Hap- 
pens in a wonderful Paris Opera 
ambience designed by Maria Bjorn- 
son. Hal Prince's alert, a ffecti onate 
production con tains a superb cen- 
tral performance by Michael Craw- 
ford. A new, meritorious and pal- 
pable hit (8392244. CC 
379 8131/240 7200). 

The Balcony (Barbican): Sadly dated 

and heavy-handed opening to the 
RSCs Genet retrospective, not help- 
ing to fight suspicions that the RSC. 
certainly in London, is stretched 
way beyond its creative ca p a ci tie s . 
Terry Hands directs, Farrah's set 
looks like a pink brothel nnf l 
the actors, a dull lot, dump around 
on high boots in hie bulging cos- 
tumes. (6288795). 

Follies (Shaftesbury): Stunning reviv- 
al, directed by Mike Ockrent and de- 
signed by Maria Bjornson, of Sond- 
heim's 1971 musical in which poi- 
soned marriages nearly undermine 
an old burlesque reunion in a 
doomed theatre. Four new songs, 
improved book by James Goldman. 
Cast ted by Dolores Gray, Julia 
McKenzie, Diana Rigg. Daniel Mas- 
sey. All good. (379 5399). 

Serious Money (Wyndhara's): Transfer 
from Royal Court of Caryl Chur 
chflTs slick Cty comedy to cham- 
pagne-swilling yuppies: bow the Big 
Bang led to class tumult and bar- 
row-boy dealings on the Stock Ex- 
change. Hot and livid, but new cast 
deemed less good. (B363028, CC 
3796565). 


Blakely Celebration/Lyric 


Martin Hoyle 


On Sunday his friends, col- 
leagues and family gathered at 
the Lyric, Shaftesbury Avenue, 
to celebrate the late Colin 
Blakely whose death earlier 
this year deprived the theatre 
and cinema of a superb profes- 
sional, an admired exemplar 
and a much-loved friend. 

In aid of the Elimination of 
Leukemia Fund, this was an 
occasion to record and savour, 
not to criticise. The warmth 
of the family was represented 
by no less than three Blakely 
sons; old friends included 
Albert Finney who hosted the 
evening, staged by Bill Bry- 
den; and the personal dimen- 
sion could be detected in the 
unexpected — Patricia Rout- 
ledge, for instance, singing 
“My Colouring Book" as if it 
were Lieder with the muslcality 
of one who has triumphed in 
Offenbach operetta, Jim Norton 
reading an Ulster poem in tones 
that recalled Blakely's own, 
and Alan Bates with Louis 
Macniece. 

Blakely’s last performance 
Was in A Chorus of Disap- 
proval and the evening 
opened with the latest from the 
hapless amateur tbespians of 
Pen don chronicled afresh by 
Alan Ayckbourn — the rehearsed 
reading of A View from the 
Pump by the late Murdoch Park 
who so influenced Dylan 
Thomas (or possibly vice versa). 
The harassed Dafydd was here 
embodied by David Jason whose 
lank grey hair, centre-parted, 
oddly evoked Sir John Barbi- 
rolli One can only regret, on 
the evidence of his lyrical effu- 
sion, that Mr Park’s musical on 
the life of Nelson, Kiss Me, 
Hardy Hardy, Kiss Me, has not 
so far reached the stage. 

Another Blakely success was 
echoed with a scene from Pin- 


ter's Old Times with Dorothy 
Tutin, watchful as a cat, from 
the original cast. Michael Gam- 
bon broadened the humour for 
the occasion: Patricia Hodge 
looked exquisite and slightly 
at sea. 

The curtain rose on Michael 
Frayn's new Audience to reveal 
four rows of theatre stalls. 
The glum Jeremy Irons (the 
playwright, it transpires) is 
vaguely menaced by Patricia 
Hayes’s decrepit usherette and 
soon joined by Penelope Keith 
and Margaret Courtenay whose 
grimly determined attitude on 
modern drama (“We'll stick It 
out”) recalls the bulldog 
doughtiness of the late Peter 
Bull. Other spectators include 
an adulterous pair (Simon 
Cadell. lecherous, and Jane 
Asher, furtive). Robin Bailey’s 
sardonic know-all (critic?) with 
young friend, and a geriatric 
American couple (“ Don’t 
worry dear — seven more shows 
to see, then we can go home ”). 
A family party led by John 
Alderton and Alison Fiske 
crash in late. 

This audience’s reactions are 
sometimes very funny (“ I 
wonder if that hearthrug's 
washable,** murmurs Miss 
Courtenay absently, watching 
the sex scene). The piece in- 
evitably fizzles out bat could 
be well worth developing. 

After an excerpt from G rancho 
— marvellous Marxist propa- 
ganda from Frank Ferrante and 
Les Marsden — the compilation 
ended aptly with an epilogue. 
Vanessa Redgrave, to whose 
Rosalind Blakely played Touch- 
stone in those halcyon Stratford 
days of 1961, delivered the 
closing words of As You Like It 
looking dazzling, like Tilburina 
in white satin though not so 
mad. 


Elly Ameling/Wigmore Hall 

Andrew Clements 


Elly Ameling gave two 
recitals in the Wigmore Hall 
last week. The first had ranged 
exceptionally wide — from 
Mozart and Haydn through the 
German and French 19th 
century to a final group of 
Italian and Spanish songs that 
would have satisfied the most 
discriminating collector of 
rarities. The second, on Satur- 
day, homed on to the core or 
her expertise — the French- 
song tradition and Schubert. 

The French half itself began 
with a curiosity: Honegger’s 
Three Songs from Andersen’s 
Little Mermaid made a striking 
opener, stark and unadorned 
for the first two, barsting into 
sly aphorism for the final “Song 
of the Pear." An unknowing 
listener would have labelled it 
unhesitatingly as Poulenc, but 
the genuine article was repre- 
sented by Fioncailles pour rtre 
which Ameling presents to per- 
fection, with a polished, tongue- 
in-cheek for “ D vole.” beauti- 
fully turned, gently caricatured 
elegance for ** Violon,” and sum- 
moning a diseuse-like throati- 
ness for the lower phrases of 
“Fleurs.” 

The same coloration was used 


less appropriately though spar- 
ingly in a Debussy group. The 
poise again was tinfailing — 
throughout the first set of 
Fites galantes, and in "Da 
soir” from Prose lyriques — but 
the emotional range remained 
tightly buttoned- The setting 
of Baudelaire's “ Le Jet d'Eau ” 
remained earth bound, well en- 
dowed with luxe and calme. 
but precious little volupte. 

The ten Schubert songs that 
constituted the second half of 
Ameling’s recital ranged freely 
through some of the most 
familiar recital items. The 
fusion of style and feeling that 
she purveys is utterly familiar 
by now; and is perfectly scaled 
to the Wigmore Hall; the voice, 
carefully husbanded, fits the 
auditorium tike a glove. Here 
also Rudolf Jansen's accompani- 
ments, somewhat recticent in 
the French songs, acquired more 
character and assertiveness; 
Provided one accepted the 
parameters of the performance 
it was all admirably judged, and 
was eagerly consumed by the 
capacity audience, but the lack 
of adventure, the refusal to 
leave well-trodden paths of in- 
terpretation did begin to intrude 
before the end. 


Saleroom/Antony Thorncroft 

Mammoth Moghul money 


This Is coin week in London 
with ail the leading dealers and 
collectors in town for Coinex. 
at the Marriott Hotel, starting 
on Thursday. The auction 
houses are naturally cashing in 
on the occasion, with Glendin- 
ings holding Its sales yesterday. 

It was all rather small beer 
compared with the gold coin 
that Habsburg Feldman, the 
newly established auction bouse 
in Geneva, intends to offer at 
auction on November 9. It is 
the largest gold coin known, 
weighing twelve kilos and made 
from 22 carat gold. It was 
minted in Agra in 1613 for the 
Moghuls and bids of around 
SlOro are anticipated, which if 
forthcoming would make it 
easily the most expensive coin 
ever sold, as well as the 
heaviest. 

Christies was selling contin- 
ental ceramics with some 
success yesterday . The auction 
totalled £383.527. and 16 per 
cent was unsold, largely because 
what should have been the most 
expensive lot, a Royal Berlin 
presentation vase, standing 
695 cm high, and made around 
1855. was bought in when the 
bidding reached £24.000. A 
Meissen garniture of five vases 
and three covers was some con- 
solation, selling to the London 
dealer Brian Haughton for 
£52£00 comfortably above 
estimate. Made around 1738 
the vases are decorated with 
exotic birds. 

An interesting item in the 


sale was a Habaner beer jug 
of 1680. Habaner wares were 
made by Italian Anabaptists of 
the 17th century who fled to 
Germany and Hungary to avoid 
persecution. They survived on 
their potting skills but pieces 
by them rarely reach the 
market. This example sold with- 
in estimate at £4,180. A Meissen 
chinoiserle silver mounted tan- 
kard painted by Stadler and 
dated to around 1728. was 
bought by the Swiss dealer 
Segal for £16,500. 

Antique fairs have suddenly 
become all the rage. Dealers 
have found them good for busi- 
ness, not least the opportuni- 
ties to pick up new clients. On 
Wednesday the now firmly 
established Parte Lane Hotel 
fair opens at noon. It closes on 
October 12. 

Park Lane is aimed at the 
serious, but modestly financed 
collector. There will be 38 
exhibitors, ranging from the 
ubiquitous David Messum, with 
his modern British pictures, and 
Owen Edgar, another leading 
picture dealer, to newcomers 
Graham & Oxley, offering 
ceramics, and Peter Francis. 
The loan collection this year 
comes from merchant bankers 
Kleinwort Benson, who over the 
years have built up a choice 
group of original prints of 
London. They will be loaning 
some linked to London as it 
looked in 1837 at the accession 
of Queen Victoria. 


Greenwich Theatre’s programme 


Greenwich Theatre’s new 
season opens on October 23 
with A Cottier's Friday Night 
by D. H- Lawrence, set in bis 
native Nottinghamshire with an 
autobiographical background, 
John Dove directs. 

This will be followed on 
December 3 by a co-production 
with the Everyman. Chelten- 
ham, of Jule Styne’s musical 
Betts ore Ringing, directed by 
John Doyle and starring Leslie 
Mackie. 

Alan Sera chan then directs 
Alan Ayckbourn’s How The 
Other Half Loves, from 
February 4, followed by The 


Musical Comedy Murders of 
1940 by John Bishop from 
March 23, starring Simon 
Cadel i 

Schiller's Mary Stuart, trans- 
lated by Robert David Mac- 
Donald opens on May 11, 
directed by Tim Albery. and is 
followed from June 29 by To 
Rill A Mockingbird, adapted by 
Christopher Sergei, produced in 
conjunction with Nottingham 
Playhouse. 

The season ends with a new 
production of Peter N idiots’ 
ForgeL-Me-Not-Lane, directed 
by Alan Strachan, which runs 
from August 17 to October L 








22 


Financial Times Tuesday October 6 1937 


FINANOALITMES 

BRACKEN HOUSE. CANNON STREET; LONDON EC4P4BY 
Telegrams: Fmantimo, London P54Jftex: 8954871 
Telephone: 01-248 6000 


Mr Gorbachev is back fiom holiday. He feces a difficult autumn, says Patrick Cockburu 


R' 


Tuesday October 6 1987 


When stags 


@ too far 


THERE IS to doubt that Mr 
Keith Best, the former Tory 
MP, acted in a deceitful man' 
ner when be made six applica- 
tions for shares in the British 
Telecom flotation using different 
variations of his name. But it 
was by no means so dear, at 
least at the time, that this was 
the kind of criminal behaviour 
that merited four months in 
prison. Yesterday's decision by 
the Court of Appeal to increase 
bis fine but quash the prison 
sentence is to be welcomed on 
two counts. 

First, there was too great a 
discrepancy between his orgi- 
nal sentence and that imposed 
upon other, similar offenders. 
Although it may be argued 
that as an MP and a member 
of the Bar be deserved an ex- 
emplary punishment, a term in 
prison was a great deal more 
savage than the not-too- 
crippling fines that had been 
imposed on other multiple 
applicants. It also looked out of 
line with the relatively mild 
penalties imposed recently on 
another stock market related 
offence — insider dealing. Un- 
like multiple applications, 
insider dealing has been speci- 
fically recognised as a crime by 
the legislators, and it is much 
more likely to be recognised 
by tbe public at large as crimi- 
nal activity. 

Curbing speculators 

This is the second argument 
for yesterday's ruling. Although 
it might have been regarded as 
rather dubious practice, the 
fact is that no one would have 
regarded such speculators as 
criminals until the Govern- 
ment's privatisation programme 
got under way. An important 
motive behind that policy is 
the wish to spread share 
ownership into as many hands 
as possible by promoting and 
pricing the issues in such a 
way as to ensure mass appeal. 
To meet that objective, the 
Government has bad to look 
for ways of limiting tbe influ- 
ence of speculators who are 
interested only in short-term 
gains, and of sharing out tbe 
rewards so as to leave room for 
genuine first-time investors. 

No privately-owned company 
has” ever attempted to use' the 
Theft Acts to put multiple 
applicants behind bars: tbe ex- 
pense and inconvenience would 
far outweigh any possible gains. 


Only last week, the advisers to 
the Eurotunnel issue made it 
clear that although such specu- 
lators might have their applica- 
tions turned down, they would 
not be prosecuted. 

Serious warning 

Of course the Government is 
free to impose such conditions 
on buyers of state-owned assets 
if it wants to; a jury then has 
to be persuaded that a dis- 
honest act has Indeed been 
committed. But like tbe privati- 
sation policy as a whole, this 
aspect of the programme has 
been developed over the years 
and was not given such a 
priority in the early days. In tbe 
forthcoming sale of Govern- 
ment-owned BP shares, there 
will be something close to a 
skull and crossbones stamped on 
the prospectus and an extra- 
ordinarily sophisticated surveil- 
lance system Is In place to weed 
out offenders. 

Back at the time of the BT 
offer at the end of 1984, things 
were less clear. Although the 
accompanying publicity made it 
clear that offenders could 
expect to be punished if they 
were caught, you had to search 
quite hard in the prospectus 
itself to find any serious warn- 
ing. Some thought that the 
wording was too vague to sup- 
port a criminal prosecution, and 
the surveillance systems were 
primitive by today’s standards. 

After yesterday's ruling, no 
one can have any illusions 
about the gravity of the offence. 
Their Lordships let it be known, 
in suitably moralising toneB, 
that Mr Best bad only escaped 
prison by tbe skin of his teeth 
and that future offenders could 
expect the worst If multiple 
applications axe to be treated 
as a serums economic crime, 
then such threats are indeed 

necessary. 

For Mr Best would not have 
taken the foolish steps he did 
unless he had thought he was 
on to a sure thing. That, in 
turn, would not have been the 
case but for the way the Gov- 
ernment has taken to under- 
pricing its privatisation issues 
to guarantee their popular 
"success." If you insist on 
announcing — with enormous 
publicity— that you propose to 
stand mi the street corner and 
hand out a large hut limited 
number of £10 notes, you must 
expect the less scrupulous 
members of the community to 
try a little queue barging. 


USSIANS ENJOY 

elaborate . rumours, with 
strong supporting detail, 
so it was not a surprise in 
September when Mr Mikhail 
Gorbachev's unexplained dis- 
appearance from public view 
provoked stories that he was 
seriously ill in hospital with 
food poisoning. 

Soviet officials complained of 
foreign propaganda, but they 
have nobody but themselves to 
blame if a seven week vacuum 
of information about Mr 
Gorbachev's whereabouts is 
filled by rumours at home and 
abroad. 

In any case the reports of 
Hr Gorbachev's Incapacity are 
significant for another, more 
serious, reason. The alarm 
caused by his absence under- 
lines the fact that Russians still 
see his “ revolution without 
shots" very much as a revolu- 
tion from above. 

It was predictable when Mr 
Gorbachev was elected General 
Secretary of the Communist 
Party in 1985 that he would 
introduce changes in economic 
management It was much less 
clear, and only became fully 
apparent In the summer of last 
year, that he saw more de- 
mocracy and freedom of ex- 
pression as a precondition for 
reorganisation of the economy. 

The problem for Mr Gorba- 
chev is that the top and middle 



The next IS months 
wiD be critical 
to the success 
or failure of 
perestroika 


A trade test from 
Canada and US 


THE SUCCESSFUL conclusion 
of free trade talks between the 
US and Canada has been 
greeted with a mixture of relief 
and surprise by the business 
community In both countries. 
Slow progress after Canada 
walked out of the talks on 
September 23 had led many to 
assume that this ambitious pro- 
ject was likely to founder 
altogether. 

The fact that both sides have 
been willing to stand back from 
the brink of failure is now 
probably more important than 
the substance of the arrange- 
ment itself. For the US in par- 
ticular it underlines a commit- 
ment to the principles of free 
trade which the world at large 
now has to extend to the multi- 
lateral negotiations in the 
General Agreement on Tariffs 
and Trade. 

Both sides bad originally 
hoped that an eventual deal 
would serve as a model for the 
Gatt. In the short time avail- 
able, however, they were never 
likely to come up with a com- 
prehensive agreement that 
would fully match the talks’ 
ambitious scope. In several 
areas, tike trade In services, 
agriculture, investment flows 
and intellectual property rights, 
the agreement is vague and sets 
few detailed precedents. 

None the less, there are impli- 
cations for the system as a 
whole, not least because of the 
last minute determination on 
the US side to pull off a deal 
even if this meant making un- 
palatable concessions. 

Sensitive areas 

Both sides have given ground 
in sensitive areas. The US has 
agreed to the establishment of 
impartial bi-national panels to 
help alleviate and settle trade 
disputes. Canada has agreed to 
free trade in energy and the 
elimination oF a duty remission 
scheme on cars that would have 
made it a convenient back door 
to tiie US for Asian car 
exporters. 

The US had more to lose than 
met the eye if the talks had 
foundered. Not only would 
failure have ushered in a new 
chill in Canadian-US relations, 
but Canada might have 
succeeded in pinning the blame 
on the US, encouraging still 
further those who are convinced 
that in practice it cares little 


for the Gatt system and free 
trade. 


ranks of the 18m-strong Com- 
munist Party have never shown 
the same degree of consensus 
on the degree of political 
change as on economic reform. 

Conservatives within the 
party do not reject reforms as 
a whole but they do speak of 
perestroika (restructuring) 
without excesses.” The slogan 
Is Intentionally vague; but by 
cutting back on "excesses’* 
many middle-level party officials 
clearly mean to gut perestroika 
of its democratic content 
Without Mr Gorbachev In 
charge they would have a very 
good chance of succeeding. 
Hence the alarm among sup* 
porters of reform at his absence 
from Soviet television- screens. 

With the Soviet leader safely 
back in the Kremlin attention 
is focusing on the futon 
balance between reformers and 
conservatives within the party. 
But the political situation in 
Moscow is extremely fluid and 
conservatives on one issue are 
not necessarily opposed to all 
reforms. 

For instance, regional party 
secretaries and provincial 
government officials — who make 
up over a third of the SOOetrong 
Central Committee, the ulti- 
mate authority within tbe party 
predominantly conserva- 


tive on political issues. They 
do not like the idea of elec- 
tions within the party, diversity 
of opinion outside it and criti- 
cal articles in their local paper. 

But the same men- over- 
whelmingly welcomed the radi- 
cal economic reforms endorsed 
by the last meeting of the cen- 
tral committee on June 25 and 
26. Provincial party leaders 
will obviously benefit from the 
decentralisation of decision- 
making from Moscow and 
greater control over planning 
and resources in their own 
region. 

Clearly, the next 18 months 
will be critical for the success 
or failure of perestroika— as 
Mr Gorbachev said during his 
trip to Murmansk last week. He 
appears to have been thinking 
primarily of the economy but 
his timescale applies equally to 
political changes. 

Neither he uor Mr Alexander 
Yakovlev, a politburo member. 
Party Secretary for Propaganda 
and after Mr Gorbachev the 
Soviet leader most responsible 
for the Qlasnoxt (openness) 
policy, want to abolish demo- 
cratic centralism as a principle 
of government but they do want 
to make it more democratic. 

How far they are able to do 
so will be publicly tested on 
at least three occasions over the 
next year, starting later this 
month when Mr Gorbachev will 
probably convene another meet- 
ing of the Central Committee 
to discuss radical new policies 
in agriculture. In November he 
will make the keynote address 
at a celebration to mark the 
70th anniversary of the Bolshe- 
vik Revolution explaining' the 
direction he .thinks .the . Soviet 
Union should take.' 

Most Important of all will be 
a special party conference in 
June 1988, which will discuss 
the progress of reform, intro- 
duction of democracy into tbe 
party and possibly — this is the 
key issue — replacing up to a 
fifth of the Central Committee. 

The balance of power within 
the upper ranks of the party — 
the politburo, Central Commit- 
tee, Party Secretariat; central 
government organs and other 
institutions— is by no means the 
only factor shaping the fixture 
of the Soviet political system 


Bearing 
the burden 
of proof 


but it is certainly the most! 
significant. 

Mr Gorbachev, although) 
dearly much more than first 
among equals in the politburo] 
does not have absolute sway] 
Tbe position of General Secre- 


cised events in the Soviet 
‘Union after Stalin took power 
■in 1929. 

Speaking of the 1930s Mr 
ligachev said: “they were the 
when the co un tr y reached 
:ond place in the world in 


tary of the party Is of enormous .terms of industrial output, con- 
ducted the collectivisation of 
agriculture." He went on to 
accuse critics of Stalin’s years 
in power of discussing "the 
tragic mistakes of those years 
with malicious delight." 


power in itself bat he heads 
a collective leadership and 
needs to persuade the other Id 
politburo members to agree to 
reform measures. * 

Mr Yakovlev and Mr Eduard 
Shevardnadze, the Foreign' 
Minister, are the other two 
politburo members evidently 
suppor tin g root and branch 


• Given that the future direc- 
tion of Soviet agriculture and 
industry, both stfll run largely 

_ as they were in the 1930s, is at 

political re fo r m. Other seniort (present a matter of intense de- 


members of 'the ruling body 
such as Mr Nikolai Ryzhkov, 
the Prime Minister and essen-j 
tiaBy a professional economiq 
administrator, appear more 
interested in getting the 
economy moving than modi&~ 
lug the political system. * i 

The focus of conservative 
loyalties within tire party is 
very clearly Mr Yegor Liga-. 
chev, number two in the poUti-j 
buro since Mr Gorbachev 
became General Secretary. In 
speeches this summer he 
strongly backed cleaning up the 
party but equally strongly} 
attacked those who have criti- 


bate, no . party -member would 
miss the Imediate political re- 
levance of his remarks. 

Yet if Mr Ligachev did not 
exist it migit be extremely 
'useful for Mr Gorbachev to in- 
vent him. Puritanical, practical 
and with a good reputation as 
an administrator, he is not a 
rival for the leadership but be 
provides an outlet for the 
frustrations of the permanent 
party officials at tbe “ excesses * 
jof perestroika. 

A great many jobs are at 
risk. The introduction of real 
elections and a secret ballot 
/within the party would end 


many careers not just of 
members of the Brezhnev old 
guard but of officials in their 
40s who have clambered up the 
party hierarchy. 

“ The idea that you should be 
more dependent on your in- 
feriors than your superiors 
will not come easily to district 
leaders whose talents are bureu- 
cratic rather than political/’ 
points out one young Soviet 
political specialist “Previously 
political leadership in the- sense 
of the ability to convince 
people was a luxury for such 
men, now it is a necessity.” 

Such optimism may be a 
little premature since conserva- 
tives within the party - show- 
plenty of signs of fight. This 
was neatly if comically demon- 
strated last month by a Lenin- 
grad newspaper editor who 
complained that local party 
officials refused to let him re- 
tire after 30 years in the job. 
Such was their fear that a new 
editor would make the news- 
paper more critical of the way 
Leningrad is run, that they in- 
sisted that he stay at his post 
until he was 75. 

This episode demonstrates 
both the weakness and strength 
of conservatives in the bureau- 
cracy. They could stop the old 
editor retiring but they could 
not find a new editor able to 
champion their views. 

It is this which makes Mr 
Gorbachev’s position stronger 
than It often appears to those 
totting up the bureaucratic odds 
against him. Officials in enor- 
mous organisations like Komso- 
mol. the Communist Youth 
organisation which has 42m 
members, or the trade onions 
with- a-, membership a£ 140m. 
are likely to lose their jobs If 
their members have a say in 
their appointment 

But tbe very fact that the 
Komsomol and trade union 
leadership is largely moribund 
makes it extremely difficult for 
them to oppose change except 
through inertia and bureau- 
cratic intrigue. 

To be effective, the opposi- 
tion to Mr Gorbachev's version 
of perestroika would probably 
have to steal a lot of his 
clothes. “You can only heat 
radical change with more radi- 
cal change," argues one Gorba- 


chev supporter. “You could 
only beat Gorbach ev’s leftist 
populism with a rightist popu- 
lism.’* 

Over the past year, greater 
freedom of expression has made 
it difficult for the bureaucracy 
to smother change. Public 
opinion now counts for much 
more than previously — although 
it is still often timid in its 
expression. 

And although the Intelli- 
gentsia in Moscow has switched 
from cynical apathy to strong 
support for Gorbachev, many 
still fear that they might 
have to pay later for over- 
enthusiastic devotion to glas. 
no .rt today. Harking back to 
the fall of Krushchev in 1984, 
they are debating the precise 
moment that tbe shutters will 
come down. 

Their pessimism may prove 
exaggerated. Mr Gorbachev's 
view Is that the party win ulti- 
mately prove strong enough to 
sustain the criticism levelled at 
it. In an addres to newspaper 
editors in July be said: “if 
any extremes have appeared— 
they have appeared and we 
have seen them — then they 
were within the framework of 
the fight for socialism and -Its 
perfection." 

Tbe enormous change which 
Soviet society has undergone 
over the past 25 years may also 
militate to make the reform 
process irreversible. The 
spread of education, the move 
of people from villages to 
cities, the rise in the standard 
of living, the fading memories 
of famine and war, have all in- 
creased political and economic 
expectations which the bureau* 


Greater freedom 
of expression means 
the bureaucracy 
has trouble 
smothering change 


cratic centralism of tbe 
Brezhnev era failed to satisfy. 

So far these incresed expec- 
tations have benefited Mr Gor- 
bachev but time is beginning 
to run out. Theer is. for 
instance, a shortage of tooth- 
paste in Moscow shops at the 
moment and last year the city 
ran out of coffee. Continued 
failure of perestroika to pro- 
duce the goods which people 
want would be extremely dam- 
aging to Its credibility. 

The other danger for the new 
leadership will come if it is 
seen to be dismantling the cen- 
tral elements of Mr Brezhnev’s 
paternalism — cheap food and 
housing and jobs for all — with- 
out offering more and better 
quality goods and employment- 
It is significant that Mr Gor- 
bachev spent a large part of 
bis speech in Murmansk last 
Thursday explaining why price 
Increases for basic foodstuffs 
are necessary. 

The moment has probably 
passed when the party ana 
government bureaucracy could 
secretly suffocate reform. But 
perestrokia must improve the 
way 283m people in the Soviet 
Union live their lives before 
the “revolution from above" 
can put dawn roots and become 
irreversible. 


Tactically the agreement is 
important to the US. It will be > . , ... 

able to use it as a demonstra- 1 Clark family S 
tion to its trading partners 
worldwide that it still has the 
option of pursuing what It calls 
"fair" trade through bilateral 
channels if the Gatt approach 
fails. 


footsteps 


Bilateral compromise 

Despite the euphoria sur- 
rounding this weekend's agree- 
ment, the whole deal Is still 
hedged about with uncertainty. 
It will take some time to assess 
how far the agreement is 
simply a face-saving political 
device and bow effective the bl- 
nationa] panels will be in 
reducing trade friction between ; 
the two countries. Between 
now and January 2, when 
President Reagan and Mr Brian 
Mulnmey, the Canadian Prime 
Minister, are scheduled to sign 
the deal, Congress will be much 
more involved in follow-up 
negotiations. Yet to react in 
detail are Canadian provincial 
leaders, same of whom, tike 
Mr David Petrson of Ontario, 
have expressed strong reserva- 
tions In the past 

But the spirit of bilateral 
compromise which produced 
Sunday’s agreement is nonethe- 
less real, and this presents the 

international community at 
large with a measure of both 
danger and opportunity. The 
danger is that with a bilateral 
agreement under their belts 
both countries will have less 
incentive to play a full role 
within the Uruguay round. The 
opportunity is that the agree- 
ment creates some scope for 
liberalisation in a more general 
context 

Third countries wishing to 
seize this opportunity might 
consider trying to spread the 
benefits internationally by 
seeking compensation from the 
US and Canada. This would 
merely follow precedent set 
elsewhere, for example through 
compensation granted by the 
EC to third countries after the 
accession of Spain and 
Portugal. For their part, the 
US and Canada themselves 
would serve the International 
community well if they were 
now prepared to extend their 
spirit of negotiating compro- 
mise into the broader Uruguay 
round itself. 


What with merger mania sweep- 
ing through the stock market, 
the family owned firm is becom- 
ing something of an endangered 
species in the jungle of British 
industry. 

Yet C & J dark, the bastion 
of the British footwear indus- 
try, has been held in family 
hands for generations. Yester- 
day John Clothier, the great 
great grandson of Janies Clark 
- — the J In C & J Clark — con- 
tinued tbe tradition by slipping 
into the managing director’s 
seat 

Clothier, who is 4L has 
worked in the company his 
great great grandfather 
founded, ever since graduating 
from Oxford. He had one brief 
interlude: two years In Austria, 
spent working in shoe retailing. 

For the past few years he has 
run the Clarks Shoes business, 
opening a chain of Clarks shops 
and laying plans for its first 
new production plants since the 
1960s. His first task as group 
managing director will be to co- 
ordinate its expansion in 
Northern Europe. 

The expansion programme 
has already began, with West 
Germany aa one of the test 
markets- “ We are starting with 
the toughest” he says. “We 
work on the assumption that if 
you can sell shoes in West 
Germany, you can sell them 
anywhere.” 


Packer back 

When be left Reid & Taylor 
the luxury suitings manu- 
facturer, earlier this year, John 
Packer vowed it would not be 
long before he returned to the 
business of making very 
expensive cloth for men's suits. 

He has staged his return 
rather sooner than even he 
expected. Yesterday be clinched 
control of The Woolly Mill at 
Langholm in the Scottish 
Bordens. 

The Woolly Mill makes 
tweeds and scarves. Over the 
next year it will be re- 
equipped to make luxury suit- 
ings for John A. Packer 
(Private Collection), the com- 
pany he set up six months ago. 


Men and Matters 


His return to cloth making 
completed. Packer is now 
weaving plans to revive the 
fashion spectaculars for which 
he was famous at Reid 
Taylor. One year the spec- 
tacular would grace Bavaria, 
the next London, or Venice, or 
Edinburgh. 

But Packer is not quite ready 
to return to his party throwing 
days. “ Everyone asks when the 
next one will be," he says. 
“ There may well be a few 
trumpets, hut it will be a year 
or two before we see the next 
gigantic fashion show." 


Double vision 

Norman Willis, the TUC’s 
general secretary, is not — tike 
most onion leaders — seen much 
on television these days, and so 
his level of public recognition 
may be lower than some of his 
predecessors. 

But at a Chinese restaurant 
near the TUCs London head- 
quarters, Willis was stopped by 
some other diners, who said: 
“We know you — you're . . . 
you’re . - . you’re-— Ron Todd!,” 
who is, of coarse, general secre- 
tary of the TGWU transport 
workers’ union. 

Unabashed, Willis returned 
to the same restaurant some 
weeks later, after making a 
number of television appear- 
ances, to find the same diners 
also there, and in extremely 
apologetic mood. 

‘Terribly sorry to have rot 
you confused," they told him. 
"We’ve got it right this time. 
It’s Mr Todd, isn't It?” 


Second thoughts 

Japanese executives may feel 
that they owe everything to 
their employer. But it seems 
that it does not take long for 
tiie doubts to set in. In a sur- 
vey of 1,351 university gradu* 



“What’s all this North-South 
divide business?— I’ve never 

seen so much money being 
spent" 


ates, the Japanese dally, Asahi 
Shlmbun, found that attitudes 
began to change within three 
months of starting work. At 
graduation, 34.4 per cent said 
they would "strive for success 
even if it means sacrificing my 
private life ” Three months 
later the proportion was down 
to 28 per cent 


Chop chop 


The executive mess of the 
Hong Kong and Shanghai Bank- 
ing Corporation has. on occa- 
sions recently, been embar- 
rassed to run out of a dish 
before the end of lunch. 

In true bank style when 
faced with a problem the 
analysts were called in — only to 
discover unreasonable con- 
sumer weighting towards parti- 
cular delicacies. 


J. E. Butler, the bank's finan- 
cial controller, reports, appar- 
ently more in sorrow than in 
anger, that an analysis of a 
Back of Lamb option revealed 
that 70 bank officers bad con- 
sumed 69 pounds weight of 
cooked lamb between them. 

He discloses ruefully in a 
memo to staff "Some officers 
took as many as eight chops 
each.” 

The officers of Honkers and 
Shankers have been solemnly 
warned that unless they exer- 
cise more moderation at table, 
their hot lamb option will have 
to be discontinued, “for econo- 
mic reasons." 


Big lift 

Paris drivers have won a 
victory for their cherished 
right to park anywhere. 

A two-month campaign In the 
French press has prompted the 
Prefet de Police to put a brake 
on the speedy removal of cars 
to the pound. 

The exasperated victims have 
a point Over one-quarter of the 
cars parked in Paris break the 
rules, simply because there are 
not enough parking spaces. The 
cranes whisking the cars away 

are having a field day — 700 
cars are impounded every day. 

The final straw was the 
unbounded enthusiasm of the 
private contractors who earn a 
bonus of £15 for each car 
carried away to the pound. 
They are supposed to wait for 
a request from the policemen, 
but television crews have 
caught some teams asking 
gendarmes to book offenders. 

Tbe private contractors will 
have to be patient They will 
now have to wait 15 minutes 
before talcing a booked car 
away. And the number of 
"brigadiers" supervising their 
work will increase from nine 

to 26. 


Batteries flat? 

When the Institution of Electri- 
cal Engineers, Sussex centre, 
gathers this evening for its 
annual meeting, I see the 
chairman’s address is to be 
“Wither the Industry." 


Observer 


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Financial Times Tuesday October 6 1987 


23 


The Tories in Blackpool 

AH Thatcherites now 


By Peter Riddell, Political Editor 





BBOTSH POLITICS are about 
to more into top gear. For the 
past five 'weeks the spotlight has 
been on the opposition parties’ 
agonising about bow they can 
win back power. Now ft is the 
turn of the party with power* 
to debate how to use it. In- 
stead of the shadow, there wiU 
be the substance. 

Yet there will be a conti- 
nuity of theme at the Conserva- 
tive Party conference in 
Blackpool starting today. The 
common thread is the extent to 
which Thatcherism has changed, 
and is changing, the terms of 
the political debate. 

At present, the Tories 
retain the intellectual initiative. 
As Mr Bryan Gould, the apostle 
of Labour’s “ new realism “ 
argued last week, the party 
needs to “ leapfrog ” Thatcher- 
ism to set its own agenda. But 
that has not yet happened. The 
Tories have remained one, if 
not twot steps ahead of the 
Opposition. 

The point was -put with 
typical acuteness by Mr 
Norman Tebbit, the Conser- 
vative Party chairman, in a 
BBC interview on Sunday. He 
noted that Labour was now 
saying ft believed in “all 
these Thatchertte tilings" like 
council house sales and Own- 
ing shares. But before the next 
election “ we'll be advancing 
into new areas'* like choice In 
education and for the council 
tenant, which, he said. Labour 
“ bitterly opposed.” 

The debate at Blackpool will 
be about bow radical' the 
Government’s programme 
should be. The option of con- 
solidation — what exAfinister 
Mr John Biffen has described 
as easing tip and not going on 
in “a frantic and frenetic 
search for new measures of 
liberalism" — has been rejected. 

Mrs Thatcher is a crusader 
who believes in extending her 
approach into new areas like 
education and housing, after 
entrenching it in the fields of 
industrial relations and privat- 
isation. Virtually all her Cabi- 
net are now Tholcherite, In 
that they accept the need for 
further reform. 

This week’s conference m 
primarily be a celebration of 
the Juno election, coupled with 
Ministerial statements about 
action on manifesto pledges* 
These w«l include the extenr 
slon of parental choice in 
schools and further City tech- 
nology cottages; the attempt 
to revive private ranted bous- 
ing and break up coanefl 
estates; sod new inner oftjr fri 
natives. Ministers trill a too 
the extension of cos* 


Jubilations Bn Thatcher acknowledges election victory cheats 


somer protection in privatised 
concerns-— responding to the 
recent debate about st an dards 
of service in existing monopoly 
utitttfe* like British Telecom. 

Despite the blandness of the 
motions selected and the ecocr - 
afty defer ential attitude of Con- 
servative tv pro suiitatives 

(never delegates), there may 
be a few squalls. A number 
of Tbry local conned flora, as 
weH as MPs. are worried about 
the proposals on rates reform 
and education. An energetic 
nationwide by Hr 

Mrimel Howard. Local Govern- 
ment Minister, to enBst sup- 
port for the poll tax or univer- 
sal community charge; has 
been under way for a month, 
but party managers are taking 
no chances bim * axe patting on 
the rates debate this morning, 
before any revolt csq betid up. 


Tomorrow's law and enter 
debate could be more heated, 
life Is never easy for a Conser- 
vative Home Secretary faced 
with the hanging and Hogging 
instincts of the rank and file — 
the return of one or the other 
feature in 85 motions. Tempers 
are running higher than tuna] 
this year, with concern over 
rising crime figures. But a care- 
fully phased series of aanooxtoe- 
meats have been made in recent 
weeks — On, for instance, fire- 
arms, broadcasting complaints. 
Juries, and child abuse, to show 
that Mr Douglas Hurd is taking 
firm action. In Ids speech 
tomorrow, he will announce a 
tougher sentencing policy and 
■n expansion of crime preven- 
tion. 

Much of tiie real debate about 
future strategy win, as usual, 
be away from the conference 


hall in tile bars of the heavily 
protected Imperial Hotel and 
at fringe meetings. Under 
vague headings like “ The Next 
Frontier.” “The Task Ahead," 
and “The Next Four Years,” 
rival views will be set out on 
the agenda for the rest of the 
third term and into a possible 
fourth term — notably how far 
the Government should shift 
from collective to individual 
provision in the social services. 

This is not a disinterested 
intellectual debate. Much of the 
fringe activity— as well as the 
lengthily-prepared attempts to 
secure standing ovations for 
platform speeches — is to do 
with building up reputations for 
the eventual succession to Mrs 
Thatcher. Mr John Moore, the 
Social Sendees Secretory, has 
already raised his flag on the 
free-maricet wing to become the 
latest favourite of the profile 
writers. The most active on the 
fringe are Hr Kenneth Baker, 
the Education Secretary, and Mr 
Kenneth Clarke, Industry 
Minister. 

Outside the Government, 
there will be considerable, and 
probably exaggerated, media 
attention on the thoughts of ex- 
Ministers, like Mr Michael 
Heseltine (at least twice as busy 
as anyone else). Mr John Biffen 
and Mr Leon Britton. Each has 
already offered bis “humble” 
views all over the press and 
weekend television. Yet, the 
Significance of these interven- 
tions is mainly as a reminder of 
their authors' continued exist- 
ence, rather than in any short- 
term influence over policy. 

Any dissent this week is 
likely to be muted— warnings 
about the inner cities and about 
social cohesion (what Mr Hurd 
has called the “slovenly 
society”). Problems wiU only 
start when the more conten- 
tious legislation is going 
through Parliament this winter. 

The general tone Is likely to 
be self-congratulatory, even 
smug; working up to the rap- 
turous reception for Mrs 
Thatcher on Friday — which 
the more fastidious Tory MPs 
avoid. Otherwise, the most 
acclaimed figure of the week 
may turn out to be Mr Nigel 
Lawson, whose Chancellorship 
played an important part in the 
Jane victory. While not dis- 
daining an ovation, he will be 
keeping his cards close to his 
chest on what could be the most 
radical part of the Govern- 
ment’s prog ram me— a personal 
tax reform package in next 
spring’s budget. The party con- 
ference has never been the 
audience for such controversial 
thoughts* 


THE JAPANESE are not 
notorious for flights of fancy, 
but they are not above ft 
either. One of the latest doing 
the rounds in Tokyo on the 
eve of a change in the Prime 
Ministership poms a question: 
“ could Yasuhiro Nakasone 
become the de Gaulle of the 
Orient 7” 

This would presumably entail 
breaking the present security 
treaty with the US, at least to 
the point of giving Japan a 
significant independent military 
capability and a willingness, 
now denied by the Japanese 
constitution, to use it It could 
also, on a less alarming plane, 
involve the evolution of Japan 
into a substantial regional 
power, with a strength in 
diplomacy and Ideas, indepen- 
dent of the US, on a par with its 
current commercial clout It is 
something of a testament to the 
perception of Hr Nakasone as a 
statesman that he might be con- 
sidered, even hypothetically, the 
man for such a task. After all, 
only 25 years ago, de Gaulle 
himself had dismissed ad earlier 
Japanese Prime Minister as a 
“ transistor salesman;” not 
many Japanese leaden since 
then have risked putting their 
heads above the parapet long 
enough to incur a similar 
encomium. 

According to Mr Hisanori 
Isomura, the Walter Cronkite 
of Japanese broadcasting, the 
proposition has already been 
pot, privately, to Mr Nakasone 
tiimmdf and received pretty 
short shrift. Speaking to a 
conference of European Com- 
munity and Japanese Journa- 
lists held on the slopes of Mt 
Fuji a month ago. Mr Isomura 
reported that the Prime 
Minister had said that even if 
he wanted to (which he did 
not), he could never get away 
with cutting the security agree- 
ment with the US because his 
colleagues in Japan’s ruling 
Liberal Democratic Party 
would disown anyone who tried. 
Being cast adrift by tile LDP, an 
enduring g o ve rnm ent. Is the 
equivalent of a political death. 

But If the Idea is fanciful, 
some of the reasoning and 
concerns that p r omp t it are not 
There ore today many more 
variables to the US position in 
Asia and the Pacific than 
there have been for a quarter 
of a century. C hin a i s no 
longer in isolation and even 
though bilateral relations with 
the US (pace Tibet) are 
currently adequate the future 
course of Chinese diplomacy, 
especially In the region, cannot 
easily be predicted. So It Is 
with Vietnam. Indonesia, for 
example, a source of minimal 
geo-political concern to the US 
since the overthrow of Sukarno, 
seems to see In Vietnam — not 
exactly a friend of the US and 
ariii at dagger's drawn with 
Peking — as a potential buffer 
against any resurgent Chinese 
inclinations to hegemony. On 
the other hand, Thailand, the 
domino next In line after Laos 
and Cambodia which never feD, 



HSiTOSSi FOREIGN AFFAIRS 


It’s not easy 
to live with 


an elephant 


is currently rather fascinated 
with China (hence the cancel- 
lation yesterday of a planned 
visit by the Dalai Lama) but 
must deal, albeit at arms length 
with Vietnam. 

Two other previous regional 
givens for the US, the Philip- 
pines and South Korea, are in 
states of high political turmoil, 
and the American ability to 
direct the course of events is 
In grave doubt; and in both the 
US has an extensive military 
presence, not easily transfer- 
able elsewhere. Even the 
Pacific has lost its idyllic 
sheen, not only because of dis- 
parate events in Vanuatu, New 
Caledonia and now Fiji but also 
as a result of the New Zealand 
Government’s determined non- 
nuclear policies. The only 
minor, apparent consolations 


tary obligations in the past SO 
years seriously to contemplate 
taking them on, a fact amply 
demonstrated by the protracted 
debate over whether defence 
spending should exceed the 
modest sum of l per cent of 
gross national product. 

It is much more the present 
which bedevils relations with 
the US than the past, though 
many Japanese, including Mr 
Nakasone, have ambivalent 
feelings about the US Occupa- 
tion after the Second World 
War. Any independent assess- 
ment of the impact of the daily 
flow of vitriol winging its way 
westwards over the Pacific 
might conclude that the US is 
testing its lock a bit and that 
sooner or later the Japanese 
worm might begin to turn. It 
could even get worse if Japan 


Jurek Martin asks: is Japan 
breeding a leader in 
the mould of General de Gaulle? 


are that, under Mr Mikhail 
Gorbachev, the Soviet Union 
seems less inclined to make 
regional mischief and that 
Australia is beginning to 
recognise that it Is not without 
regional Influence. 

It is in climat e of shift- 
ing sands that it is at least 
possible to conceive of a wider 
role for Japan and to question 
the assumptions of the existing 
relationship between Japan and 
the US. The principal obstacle 
to the first obviously lies in the 
recent history of the last war, 
memories of which are still 
powerful enough to deter 
nations in the region from 
doing anything to encourage a 
resurgence of Japanese militar- 
ism nnf * n* yy>naHBm r In any 
case Japan has prospered 
enough without external mill- 


emerges as the bogeyman of the 
1988 American presidential 
campaign. Americans, already 
frightened of Japanese manu- 
facturing and technology, are 
now worried that they are 
becoming excessively beholden 
to Japanese money. 

American intemperance has 
not passed unnoticed in Japan, 
where it is sometimes called 
“revolver diplomacy.” Mr 
Isomura reports that many 
Japanese wonder why there is 
so much Japan-bashing in the 
US and so little criticism of 
West Germany, which also runs 
a big trade surplus with the US 
and which also fought the US 
in tiie last war. His response is 
to quote Helmut Schmidt, the 
former German Chancellor, who 
offered three explanations; that 
Japan is much more dependent 


on trade with the US than is 
West Germany, that Germany 
spends more on defence than 
Japan, and that there is as ele- 
ment of racism in the American 
attitude. Many Japanese, one 
suspects, pin it os the third, 
and they may not be wrong. 
The reality that Japan's record 
on race leaves much to be 
desired does not lessen the 
offence. 

Yet there seems to be a 
tolerance in Japan for criticism 
from the VS that would not 
be applied if it were received 
from any other country, includ- 
ing the larger European powers. 
Mr Isomura ascribes this to a 
“ dogmatic pro-Americanism ” 
long prevalent in the Japanese 
political establishment and 
media — and, as an intimate of 
the first and a leading member 
of the latter, his judgment com- 
mands respect Thus, one of the 
bigger crosses that Mr Klicbi 
Miyazawa, the Finance Minister, 
carries in his pursuit of Mr 
Nakasone's job are reports, far 
from substantiated, that be har- 
bours anti-American sentiments. 
When the Economist made such 
an assertion in a leading article 
in August, it became the instant 
talk of Tokyo. Conversely, one 
of Mr Nakasone’s perceived 
strengths was his close relation- 
ship with President Reagan; the 
fact that this has not kept the 
American dogs off Japan is seen 
of lesser account. 

A perfect example of the way 
the relationship works in 
practice was provided last week- 
end when it was finally 
announced that Japan was not 
going to develop its own new 
generation ot fighter aircraft 
but to continue co-operating 
with the US. The project was 
well within the capacity of the 
Japanese defence industry but 
the overriding imperative was 
not to offend the US, in this 
case not to threaten the US 
supremacy in aerospace. 

This does not mean that 
Japanese criticism of the US is 
consciously suppressed;' in fact, 
in important circles, ft is becom- 
ing, by Japanese standards, 
quite strident, as witnessed by 
the outspokenness of Ur Makoto 
Kuroda. Vice Minister of the 
Ministry of International Trade 
and Industry (MIT1). Perhaps 
because of this, perhaps because 
of an occasionally more sophisti- 
cated European approach, there 
seems to be a new Japanese 
interest in better relations with 
the countries of Europe, Indi- 
vidually and as a Community. 
This is to the good, given the 
range of common causes. 

But breaking the umbilical 
cord with the US Is quite 
another matter. It wiU take lots 
more American slings and 
arrows, a few more Nakasones, 
and big changes in Aslan atti- 
tudes for Japan to produce a 
de Gaulle. The relationship 
with the US might not conform 
to Western expectations of 
health, but as Canadians have 
known for years, sleeping with 
an elephant is not exactly 
egalitarian. 


SIB and unit 
trust pricing 

From Mr P. Potts 
Sbv— One sometimes wonders 
whether those responsible ..for 
drafting rules at toe Securities 
and Investments Board have any 
experience of the real world. 
Their latest proposals relating 
to the pricing id unit trusts 
beggar belief. 

Are they seriously suggesting 
that we, on behalf of our cheats, 
place orders at prices which we 
cannot possibly know until the 
next day, and which will not 
appear in your newspaper until 
two days afterwards? Imagine 
ringing one’s stockbroker to 
buy a thousand ICI and being 
told you will not know until 
the following day what it has 
cost you! 

We are given, say, £50,000 to 
manage on behalf of a client. 
We spread that money over a 
number of unit trusts and buy 
in round numbers of units. Are 
we to be expected to go back 
to our client and say please can 
we have a further £1,500 
because the prices went up? 

Worse stUl, consider the 
situation where we decide to 
switch a client from one mana- 
ger’s Japan units to an- 
other's UK units. We consult 
the newspaper prices (two days 
out of date), decide how much 
he has gob and take action 
accordingly. Two days later 
we find his account is seriously 
overdrawn because the prices 
have moved against us. 

In practical terms, if these 
proposals go through, we will 
not suffer and nor will our 
clients, simply because we, and 
I suspect hundreds of inter- 
mediaries like ns. will turn to 
offshore funds where presum- 
ably sanity will continue to pre- 
vail and the price of tiie day 
will be honoured. 

Peter L. Potts, 

Saracen Asset Management, 
Sardinia Bouse, 

Lincoln’s Jim Fields, WC2 

Paperless 

trading 

From the Director, 
International chamber of 
Commerce, VK 
Sir,— Terry Dodewortfi's 

article (September 80) on the 
very necessary develo p me n t of 
commercial services for indus- 
try to facilitate paperless trad- 
ing raises as important ques- 
tion. 

While the technology and re- 
lated services are already well 
advanced, the framework of law 
is not Recognising tola, the 
ICC has been working since late 
1085 with the United Nations 
Commission on Inte rnational 
Trade Law (UNCITRAL) and 
other intergover nme ntal organi- 
sations to drew up uniform 
roles of conduct for interchange 
of trade data by teletnnsmis- 

ston (UNCBD). 

The spawning of yet another 

acronym should not hJiad users 


Letters to the Editor 


of electronic data interchange 
(EDI) to toe importance of 
these new rules which w&l help 
facilitate such data interchange. 
They ■ deal with questions of 
security, verification and con- 
firmation, authentication of toe 
c ommuni cating parties, protec- 
tion , logging and storage of 
trade data. As with other ICC 
work on trade fedltiation, the 
new rules will be of incalcu l a b le 
help to users. 

Giles Wybord, 

103 New Oxford Street, WC1 

Value for 

money 
From V. Nathan 
Sir,— -I had occasion to send 
off the other day, dollar cheques 
to five different banks, all of 
which realised in sterling dif- 
ferent amounts. These on the 
basis of 81,000 in each instance 
were as follows: 

Surging Bank Nit 
•qUtvilant flhiiSM credit 
Bfc of Scotland 006.06 1.56 B04.W 

Cohos 003. 32 10.00 58302 

Lloyds .... 60308 6.00 68708 

Midland ...... 602.41 10.00 53201 

Royal Bfc of _ 

Scotland SOSOS 4.65 60101 

It is noteworthy that the two 
Scottish banks not only give toe 
best rate of exchange bat also 
their charges are lower. 
Michael R. Nathan. 

Howard Tilly and Co, 

1 New Oxford Street, W Cl 

Funding the 
railways 

From Mr A. Holme. 

Sir, — Obviously, Network 
SoutbE&st needs greater invest- 
ment (October 1), but this 
Should be generated by charg- 
higher fares at peak times. 
Is ridiculous tost £206m 
per annum is given to subsidise 
travel in the richest part of 
our country, when much of it 
has to be met by taxes levied 
on the poorer regions, 

Alan. Holme. 

Id, Hunger Hilts Avenue, 
Horsforth, Leeds. ' 

Threatenedby 

monitors 

From Mrs 3. Watson 
Sir,— As a secretary I felt 
threatened by your exceedingly 
ominous articles os electronic 
monitoring and genetic selec- 
tion of employees (October I). 

My mind turned to ways of 
e anting an honest peony when 
they find out about my hay- 
fever. 

Would anyone Hke a welt 
thumbed copy of “1984,” price 
negotiable? 

(Mrs) Judy Watson. 

16 Melstead Pood, 

Hemet Hempstead, Berts, 


% l 


The Japan 
problem 

From Mr J. Bomrlet 

Sir,— The "excess* 
and “surplus” exports prob- 
lem of the Japanese economy 
seems to present economists 
with an irresistible opportunity 
for prescription. Each is con- 
vinced his cure will work. Pity 
toe poor Japanese who receive 
so many different instructions 
about a problem they them- 
selves have a far better ch a n ce 
of understanding! 

It may, however, be worth 
listing Just some of toe prescrip- 
tions given: Diarmid 

McLaughlin at the Brookings 
Institution (October 1) 
advocates “higher wages, 
better distribution and lower 
land exists ” so that toe 
Japanese will consume more 
private goods* Martin Wolf 
(September 24) argues that in 
the context of the total world 
economy there really isn’t a 
“problem” at alL 

Marxist economists argue that 
“capitalism" is prone to just 
tills kind of crisis, that Japan 
Is merely a virulent and ad- 
vanced capitalist economy 
manifesting problems which 
will soon beset us all. Their 
cure, presumably, involves a 
major reform of the entire 
system. 

Some (Sty economists argue 
that Japan needs to increase 
both taxation (via a VAT) and 
government expenditure thus 
achieving an increase in 
sector consumption at the ex- 
pense of private savings. One 
imagines that J. M. Keynes 
would have had moch sympathy 
with this “cure”. 

Senator Danforth of the US 
has argued that Japan should 
simply reduce savings levels by 
reducing the rewards for jo do- 
ing — rewords such as the tax 
free post office savings scheme 
for small savers (a scheme un- 
happily marred by It’s wide’ 
spread abuse through multiple 
accounts). 

The M G5” agreement argues 
for a higher yen, lower 
Japanese interest rates and a 
higher rate of money supply 
growth in Japan. This has 
largely happened but with 
some adverse unforeseen 
consequences. 

Yet other economists nrge 
piecemeal reform of the many 
monopolistic and restrictive 
policies and practices which 
abound in Japan.' Listened to 
at length this seems very con- 
vincing— but it is hard to avoid 
the uncomfortable feeling that 
one is a pot calling the kettle 
black. _ 

Obviously titis is hardly a 


comprehensive list. The point 
is that these various prescrip- 
tions certainly do not “ all 
amount to tiie same thing ” and 
it would be better to compare 
toe advantages of plausible 
alternatives rather than 
advocate any one of them. 
James Bourlet, 

Economic Research Council, 

1 Old Burlington Street, WJ 

Centres for 
science 

From Helen Lattton Smith. 

Sir, — l would like to correct 
the misleading impressions 
given by toe report (September 
SO), ot my research into 
advanced technology industry. 
Although it is true that there 
are fewer advanced technology 
companies in Oxford than Cam- 
bridge, it is wrong to imply, as 
the headline does, that Oxford 
itself, ie, toe University, Is not 
as important a ■ centre for 
science as Cambridge. I did not 
say that toe University is not as 
keen to encourage iinfcs with 
industry. The University is very 
interested in developing links 
with industry, tor instance it is 
in toe process of setting up its 
own company, Oxford Univer- 
sity Research and Development 
(OURAD) to enable the Univer- 
sity to benefit finan Hally from 

breakthroughs and new dis- 
coveries made by Oxford 
scientists. My paper, however, 
did suggest that there are dif- 
ferences in attitude within the 
University towards what the 
relationship with industry 
should be. 

H elen Lawton Smith. 

School of Geography, 

Mansfield Rood, 

Oxford. 

Idealism and 
reality 

Front Mr P. Wood 

Sir,— Joe Bogaly (October 1) 
ads a very Inte resting question 
after describing Mrs Thatcher's 
reported concern about the 
possible beaming down on 
Britain of foreign programmes 
containing more sex and vio- 
lence than toe Government 
thought was good for us. Ur 
Bogaly asks how the leader of a 

political party that proclaims 
the freedom of the individual as 
its paramount article of faith 
era contemplate the censorship 
of enter space? 

I think part of the answer is 
tiie idealism that believes we 
can perfect ourselves by pull- 
ing on our bootstraps hard 
enough. The idealist sees that 
some of ns prefer to wander 
off into tiie woods, hands in 
pockets, and has to call us back 
into line. Eventually, the 
Idealist realises that total con- 
trol Is the only way to achieve 
toe sought-after perfection. 
Peter Wood. 

Nembold Form, 

Duntisboume Abbots, 
Cirencester, Glo a. 



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Stewart Fleming in Washington reports on the bitter debate over a Supreme Court vacancy 

Testing time for Reagan’s man 


PRESIDENT Ronald Reagan's 
controversial nomination of 
Judge Robert Bork. to the US 
Supreme Court today faces its 
first major test after a bitter 

and hard-fought struggle over 
whether Judge Bork should be 
confirmed by the US Senate to 
the nation's highest court or ap- 
peal. 

The debate over his nomina- 
tion as an associate justice has 
prompted inflamatory rhetoric, 
portraying Judge Bork (unfair- 
ly) as a racist bigot; bitter re- 
criminations within the White 
House over its strategy for rally- 
ing support to its cause; and 
frenzied fund-raising by public 
interest groups on the right and 
the left. 

After 12 days of public hear- 
ings involving 110 witnesses, 
the committee is due to decide 
today whether or not it should 
send the nomination to the floor 
of the Senate with a recommen- 
dation that the 100 members of 
the upper house of the legisla- 
ture vote to confirm him. 

Just how labyrinthine the po- 
litical manoevrings over the fu- 
ture of the erudite but intellec- 
tually pugnacious judge have 
become is evident from the fact 
that yesterday it was still un- 
clear whether or not the com- 
mittee would vote at all. 

Even some Democrats, nota- 
bly (to the d israay of many of his 
colleagues) Senate majority 
leader Robert Byrd, have sug- 
gested that discretion should be 
the better part of valour and 
that the committee should send 
the nomination forward without 
a recommendation. 

Behind the earnest debate 
over the role of the nation’s 
highest court of appeal, one of 
the checks and balances on the 
powers of the Congress and the 
Presidency, has been a careftil 
calculation of the political fal- 
lout 

The key question has been 
whether the confirmation of 
Judge Bark, a man who has es- 
poused ideologically conserva- 
tive principles in his writings, 
but not always in judicial deci- 
sions, would tip the balance of 
the Supreme Court to the right 
by creating a majority of five 
like-minded conservatives on 
the nine member bench. 

If so, would this herald a peri- 
od of conservative judicial ac- 
tivism which would ensure that 
the right wing agenda espoused 
by President Reagan would live 
on for years after Mr Reagan 
leaves office? 



Judge Bork (right), presented to the committee by termer presi- 
dent Gerald Ford to emphasise the Administration's desire to 
portray Hr Reagan’s nominee as a moderate 


There are more pragmatic 
concerns. How would the con- 
firmation or rejection of Judge 
Bork affect Mr Reagan's stand- 
ing in bis last 14 months in of- 
fice and how would it affect the 
relative strengths of the Repub- 
lican and Democratic parties as 
they jockey for position ahead 
of next year’s presidential and 
congressional elections? 

Should, for example, conser- 
vative Democrats from the once 
racially segregated deep South 
vote to confirm Judge Bork be- 
cause they sympathise with 
some of his philosophical posi- 
tions? Or should they vote 
against him on the grounds that 
a conservative court, critical of 
the way its predecessors have 
enlarged civil rights protec- 
tions, might gradually narrow 
these legal precedents and in 
the long run perhaps reopen ra- 
cial wounds which are still 
healing? 

Many of these white Demo- 
cratic Senators, such as the 
highly respected Senator How- 
ell Heflin of Alabama. Senator 
Wyche Fowler of Georgia and 
Senator John Breux of Louis- 
iana. would not have been elect- 
ed without black support 

For them, given the uniform 
opposition to Judge Bork from 
black civil rights groups, a key 
question is whether a vote to 
confirm Judge Bork is tanta- 


mount to a vote a gaiwnt their 
own re-election prospects. 

liberal Democrats believe 
they are on the verge of dealing 
President Reagan a humiliating 
defeat 

The tide has been running 
against the White House in the 
past few weeks, particularly in 
the wake of Judge Boric’s un per- 
suasive appearance at the tele- 
vised hearings where he came 
across as a cool theoretician 
with what the Washington Post 
has called 'a frightening de- 
tachment from the real world, 
^□sequences of his views." 

What bas been particularly 
striking about this has been the 
extraordinary -success of the 
grass roots lobbying by anti- 
Borfc interest groups. 

Not since President Reagan 
took office have the liberal ac- 
tivists rallied to a cause with 
such enthusiasm and so com- 
prehensively routed the ardent 
adherents of the ideological 
right 

Anti -Bork activists were able 
to raise enough foods to finance 
a 22 state television advertising 
campaign featuring Gregory 
Peck, a pillar of the Hollywood 
establishment 

But right wing conservatives 
have dike the Republican Party 
itself) suddenly discovered that 
as the Reagan era comes to an 


end it is getting harder to tap 
the once seemingly bottomless 
wells of financial support which 
they have been drawing on for 
the past seven years. - 

The result has been on the 
one hand a boost to the morale 
of long demoralised liberal in- 
terest groups who hope that this 
new found dynamism will spill 
over into 1988, and further divi- 
sions in the ranks of the conser- 
vatives reaching right into the 
White House. There, critics of 
White House Chief of Staff Ho- 
ward Baker, have argued that 
the Administration's strategy of 
presenting Judge Bork as 
mainstream moderate has back-, 
fired. 

The White House insists the 
battle is not over, and, belatedly 
in the eyes of conservatives. 
President Reagan bas begun to 
twist the arms of the undecided. 
Even some Republicans hi the 
Senate say Mr Reagan is fight- 
ing a lost cause. 

There is widespread agree- 
ment that Judge Boric’s televi- 
sion appearances have done! 
him more harm th*«i good with 
the public. 

Moreover, among those on the! 
14-member panel who came in-; 
to the hearings with open minds 
- their numbers could be count- 
ed on one band - several found 
Judge Boric’s testimony on is- 
sues of substance onpersuasive. 
He modified some of his harsh 
criticisms of past Supreme 
Court rulings and endorsed the 
idea that women should be enti- 
tled to the equal protections af- 
forded under the Fourteenth 
Amendment to the Constitution.: 
Thos prompted Senator Patrick] 
Leahy to ask whether the Sen- 
ate was witnessing a "confirma- 
tion conversion.” 

Judge Berk’s view that a right 
to privacy does not exist in the 
Constitution, in spite of Su- 
preme Court precedents to the 
contrary, was seen widely as too 
theoretical an analysis of a 
principle with which voters as 
well as politicians could Identi- 
ty- 

Liberals are a gain arguing 
that a rejection of Judge Bork 
would represent another sign 
that the appeal of right wing 
ideology is waning with the gen- 
eral population. At the least, his 
defeat would provide further 
evidence of the high price Mr 
Reagan and his Republican al- 
lies have had to pay because of 
their failure to retain control of 
the Senate in the 1986 mid-term 
elections. 


Tamil Tigers commit mass suicide 


BYMEHVYN DE SILVA IN COLOMBO 


AT LEAST 10 Tamil Liberation 
“Tigers," including two regional 
leaders, committed mass sui- 
cide yesterday by swallowing 
cyanide capsules. The Tamils 
were being taken under heavy 
escort by Sri Lankan authori- 
ties to a military aircraft at Pai- 
aly airport in the island's north- 
ern Jaffna peninsula. 

The condition of seven others 
wbo also swallowed cyanide 
was reported last night to be 
criticaL Unconfirmed reports 
said two more had died. 

The mass suicide is a serious 
Tamil challenge to the fragile 
peace accord and could spark 
major civil resistance among 
Tamil civilians to the plan 
agreed in July between Presi- 
dent Junius Jayawardene of Sri 
Lanka and Mr Rajiv Gandhi, 
Prime Minister of India. 


The accord grants limited au- 
tonomy in the northern and 
eastern provinces to the minori- 
ty Tamils, bat some guerrilla 
groups have refused to surren- 
der their arms and are holding 
out for a fully independent 
Tamil homeland. 

Yesterday’s mass suicides al- 
so undermine the position of 
those Tiger leaders who have 
urged their supporters to sur- 
render arms to the Indian pea- 
cekeeping force and accept the 
limited autonomy on offer. Last 
month the deputy leader of the 
Tigers' political wing died on 
the 13th day of a protest fast 

The 17 members of the Tigers, 
the most powerful of the Tamil 
rebel groups, were on board a 
trawler seized on Saturday by 
the Sri Lankan navy 10 miles 


from Point Pedro in the narrow 
Palk Strait between Sri Lanka 
and India. The trawler, which 
was loaded with heavy weap- 
ons, had left from the south In- 
dian Tamil state of Tamilnadu, 
according to officials in Colom- 
bo. 

The 17 were being brought to 
Colombo for interrogation 
about arms smuggli n g runs into 
the eastern province. The Gov- 
ernment was hoping to find out 
more about the shipment and 
also to use the Tamils in a pris- 
oner exchange. The Tigers are 
still holding eight Sinhalese 
soldiers captive. 

On Sunday President Jaya- 
wardene rebuked the Indian 
peacekeeping force for not fill- 
filling its basic obligation of su- 
pervising the surrender of aims 


effectively. The Government be- 
lieves that the Tigers have re- 
tained at least SO per cent of 
their weapons. 

As a result or the President's 
complaints, India is airlifting 
more army units to supplement 
the Indian peacekeeping force 
on the island, which already 
stood officially at 8,000 soldiers 
and between 1,000 and 2,000 
paramilitary forces. Some esti- 
mates put the number consider- 
ably higher. 

Trouble bas recently been 
concentrated on the eastern 
district of Trincomalee where 
18 people have died since 
Wednesday in communal 
clashes between Tamils, Mos- 
lems and Sinhalese. About 800 
buildings were burnt and 8,000 
people made homeless. 


Dilemma for Governor as Fiji talks fail 


BY CHRIS SHERWELL IN LAUTOKA.FUI 


FIJI'S future stability hung in 
the balance last night after a 
breakdown in crucial talks 
aimed at ending tbe crisis 
caused by the South Pacific 
stale's second coup in five 
months. 

The breakdown means that 
Ratu Sir Penaia Ganilau, the 
stalwart Governor-GeneraL 
(bees a serious dilemma in de- 
ciding whether to resist or give 
way to Col Sitiveni Rabuka, the 
country's self-proclaimed mili- 
tary ruler wbo again seized 
power 10 days ago. 

It also markedly reduces the 
chances of a political resolution 
to the crisis, adding the spectre 
of civil disorder to the econom- 
ic dislocation which Fiji is al- 
ready suffering. 

Apart from the Governor-Gen- 
eral and Col Rabuka, yester- 
day’s four-cornered talks on the 
western side of Fiji's main is- 
land were attended by Dr Timo- 
ci Bavadara. tbe former Prime 


Minister ousted in Col Rabuka’s 
first coup last May, and Ratu Sir 
Kamisese Mara, Dr Bavadara's 
predecessor, whose party lost 
last April's election. 

Dr Bavadara's National Fed- 
eration-Labour coalition, link- 
ing both ethnic Fijians and In- 
dians. rejected Co! Rabuka’s 
minimal demands for constitu- 
tional change, saying they 
struck “at the very roots of the 
democratic processes so essen- 
tial to the maintenance of a 
multiracial society.” 

Ratu Mara, one of the coun- 
try’s most senior Fijian chiefs, 
said he was prepared to accept 
tbe terms so that the Gover- 
nor-General could remain in 
control of the country. Accord- 
ing to Col Rabuka. acceptance 
of bis terms would result in the 
"immediate" return of executive 
authority to tbe Governor-Gen- 
eraL 

The Governor-General, whose 
role in tbe crisis clearly re- 


mains crucial, said that in these 
circumstances it would be “in- 
excusable* to “sit and do noth- 
ing." 

His options appear to be to re- 
sign to make way for Col Rabu- 
ka or to stand firm. Both carry 
the risk of - provoking opposi- 
tion. A third, less likely, possi- 
bility would be even more con- 
troversial: to accept Col 
Rabufca's offer to head a new 
government 

After the break-up of the 
four-cornered meeting, which 
Col Rabuka attended for just 14 
minutes, the Governor-General 
met Col Rabuka alone for 80. 
minutes. Further developments 
axe expected today. 

Col Rabuka’s demands, spelt 
out in detail for tbe first time, 
call for 36 seats to be reserved 
for Fijians in a parliament ex- 
panded from 52 to 67 seats. Six 
key government positions would 
also be reserved for indigenous 
Fijians - the Governor-General 


and his deputy, the Prime Min- 
ister and the ministers of for- 
eign, home and Fijian affairs. 

Even if all four participants 
had agreed to these demands, it 
is not clear how a document em- 
bracing them could be imple- 
mented as a constitution with- 
out endorsement from some 
form of popular assembly. 

And it is not obvious that 
Queen Elizabeth, at 'east as 
Queen of the multiraofal Com- 
monwealth, would be able to 
give her blessing to a blatantly 
discriminatory constitution 
without Buckingham Palace en- 
gaging in awkward exchanges 
with countries such as India 

Robert Mauthner, Diplomatic 
Correspondent, adds: Sir Sonny 
Ramphal, the Commonwealth 
Secretary-General, said be was 
"dismayed" at the failure of yes- 
terday's meeting to find a solu- 
tion to the country's crisis. 


Britain to 
dismantle 
N-plant 
damaged in 
1957 fire 

Fin ancial Hum R eporter 

THE UK Atomic Energy Au- 
thority is to spend tens of mil- 
lions of pounds in partially dis- 
mantling the Winds cale 
plutonium realtor to Cambria, 
north-west England, which 


work, which win take 16 
years to complete, will be car- 
ried out by leaotc continued 
robots and is likely to give the 
nuclear industry valuable ex- 
perience in tiie decommission- 
mg of radioactive plant 

Tbe decision was announced 
yesterday by Mr John Collier, 
the authority's chairman. He 
said the level of radioactivity 
within the pile was now only 
one thirtieth of the level when 
it caught fire in October 1957. 

The fire at Windacale, new 
renamed Sellafleld, was tbe 
world’s worst unclear accident 
utfl the disaster at Chernobyl 
in the Soviet Union in April 
1986. It began when one of the 
aircooled graphite reactors, 
used to produce plutonium for 
Britain’s first atom bomb, be- 
came overheated. 

The site has been eareblly 
.monitored since the reactor 
was shot down after the fire, 
and a joint programme of work 
with British No clear Fuels 
was began in 198L 

The programme now 
planned win remove the filters 
at the tap of the tall chimneys 
and isolate them from the reac- 
tor. Burnt-out nuclear fuel 
rads will then be remo v ed from 
the pile and reprocessed. How- 
ever, the Government, which 
owns the installation, at pres- 
ent has ne plans for tbe com- 
jplete removal of the reactors. 
This wonld coot much more 
than the limited operation new 
intended. 

Mr Collier said yesterday 
,that the piles did not pose any 
risk to work er s at the nuclear 
feel reprocessing site at SeUaf- 
idd or to members of the pub- 
lic. He said the Atomic Energy 

Authority would be the 
Government to release at an 
early date as many documents 
as possible ida ting to the acci- 
dent 


Bitterness 

divides 

Tibetans 

Continued from Page 1 

The longer the unrest lasts, 
the more embarrassing for the 
Chinese Government, which, 
has been distracted from its 
preoccupations with a land- 
mark Communist Party con- 
gress later this month. 

1 Chinese Officials blame a 
■few monks for stirring up tbe 
rest of the Tibetan population. 
But the problem goes for dee- 
per and is tied to the almost 
fa na tic al worship by the Tibet- 
ans of tbe Dalai Lama and 
their variety of Mahayana or 
'greater vehicle” Buddhism. 

Each day, hundreds of pil- 
grims do circuits of the Job- 
hang, taking three steps, pros- 
trating themselves on the 
grubby pavement, then draw- 
ing a wide arc with their hands 
in the dost before rising and 
taking another three steps. 

, The high profile taken by 
some foreign travellers daring 
.the protests - several threw 
stones at police last Thursday 
.and two were grazed by bullets 
- has fuelled Chinese conspira- 
cy theories about foreign or- 
chestration of tbe dissent 

Tbe issue is already a strain 
on relations betwen China and 
the US which has been strong- 
ly criticised by the caimm* 
Government for allowing the 
Dalai Laaal to address US con- 
■gressBMm last -mouth. 

While the Tibetans are gen- 
erally a passive people - with 
monks forced to offer praye rs 
(before and after engaging in 
■violence - and Chinese centre! 
[is far more relaxed than in past 
decodes, the recent deaths 

•have driven wedges of bitter- 
ness between the two national- 
tities. 

Background, Page 4 


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Iranian threat to US Gulf bases 


Continued from Page 1 

es would be perfectly justified,” 
he said. 

The remarks follow a predic- 
tion on Friday by Mr Ali Akbar 
Bashemi Rafsanjani. the power- 
ful speaker of the Iranian Par- 
liament, that Iran could soon be 
at war with the US as a result of 
the American attack on an Ira- 
nian vessel which Washington 
says it discovered laying mines 
two weeks ago. Taken together, 
the two statements can be read 
as a warning that Tehran will 
feel compelled to strike at US 
interests in the event of a far- 
ther incident of this kind. 

Diplomats and members of 


the Gulf shipping community 
still find it hard to believe that 
Iran wants to initiate a direct 
confrontation with the US naval 
force now patrolling the Gol£ 
The Americans have about 30 
ships in the region with enor- 
mous firepower at their dispos- 
al, and for all its fleiy rhetoric 
Tehran has been remarkably 
pragmatic in its actions in re- 
cent weeks, attacking only neu- 
tral ships without a naval es- 
cort. 

Nonetheless, if Iran were to 
cany oat Gen Zahirnezhnd's 
threat, the most obvious target 
would be Bahrain. It contains 


the headquarters and essential 
support facilities for the US 
Middle East Force. The island 
state off Saudi Arabia has also 
been a principal focus for Irani- 
an-inspired efforts to destabi- 
lise the Arab Gulf states over 
the last few years. 

Yesterday’s Iraqi air raids hit 
the Liberian-registered super-' 
tanker Seawise Giant, at 564.739 
tonnes tbe largest vessel in the 
world, the 258263-tonne Cypri- 
ot-flag Shining Star, the 
237,311-tonne Liberian-flag 
World Admiral and the 183,526- 
tonne Brazil Star. 


THE LEX COLUMN 

Asda pawns the 
furniture 


The pressures which forced As- 
da and MFI together and then 
apart again are plainly not go- 
ing to let op on either company. 
Asda still has a lot of catching- 
up to do on its food retailing 
competitors If it is to maintain 
its independence. MFI is guar- 
anteeing its independence by 
going private, but In the process 
has been obliged to add some 
£200m to its debt burden by buy- 
ing its own chier supplier. 

The £S05m Asda is raising 
i, from MFI is clearly less than it . 
phad hoped for- and about £100m 
less it cost two years ago. 
Taking a 25 per cent stake in the 
new MFI business at a price of 
£ 52 m may console shareholders 
if, as Asda expects, the invest- 
ment is worth three times as 
much three years hence. Yet 
there is the slight suspicion that 
Asda might be accompanying 
MFI to the cleaners for a second 
time. 

Tbe cash pile will be some- 
thing of a brake on Asda’s earn- 
ings, even if the quality of those 
earnings is improved. If tbe dis- 
posal proceeds total £675m, the 
balance of the £lbn three year 
spending programme will hard- 
ly be a strain on internally gen- 
erated Binds. As for trading. As- 
da’s prediction of double figure 
sales growth in 1987-88 is en- 
couraging, and there is plenty of 
scope to improve margins fur- 
ther out But there are still 
doubts about Asda’s ability to 
succeed in the south, and fears 
that it is paying too much for 
sites. A current year multiple of 
17%, foiling to perhaps 15% 
next year, is including some bid 
speculation. 

MFI/Hygena 

Meanwhile, as MFI is being 
bought out from Asda, so Hy- 
gena is being bought out from 
Mr Malcolm Healey. The insta- 
bility of the existing relation- 
ship appears to have worked 
both as a threat to MFI and a 
bargaining tool in its negotia- 
tions with Asda. Since MFI 
takes 45 per cent of its supply 
from Hygena and accounts for 
98 per cent of fiygena's output, 
[MT Healey’s desire to sell-out 
left MFI tittle choice but to buy; 
mid fet~Asda,flM possibility of 
Hyaena falling into other hanrig 
risked depressing MFTs market 
value. 

For MFI, though, the most 
critical part of the whole deal 
could well be the ha ndli n g of an 
integrated operation stretching 
from the manufacture of card- 
board packaging to the point of 
sale. The history of combining 
retail with manufactu r e is not 
encouraging, and there are 
clear risks of losing margins 
across the operation in the in- 


Asda~MFI 

Share price relative to 
FT- A All-Share index 

II 00 



terests of marginal costing. And 
whereas MFI can point to 45 per 
cent unutilised capacity in Hy- 
gena’s brand new factory, it is 
not unknown for entrepreneurs 
to sell out at the point where it 
becomes clear that they have 
over- invested. 

On the other hand, the fact 
that Hygena’s spending pro- 
gramme is largely- complete 
puts it at the right point for a 
buyout The same is not strictly 
true of MFI; even if the store 
programme will now rely on 
leasehold, there will still be 
rental payments to fond from 
cash flow. The fact that interest 
payments on £205m of debt will 
be forgiven in the first year 
eases the strain initially. But it 
would perhaps be a pity if that 
technique - allowing even 
higher levels of gearing on buy- 
outs - were to become more gen- 
eral in the UK 


Bnrmah/Calor 

None of the parties involved 
In the brief but abortive £820m 
skirmish for control of Calor 
emerges with particular distinc- 
tion. Burmah and SHV, its 
Dutch ally, have shown that 
they are far more concerned 
with leeping on friendly terms 
with the Calor board than press- 
ing ahead with a reasonable of- 
fer. Meanwhile, Calor has effec- 
tively disenfranchised the bulk 
of its shareholders by refusing 
to give them a chance totake ad- 
vantage of an offer which was 
pitched about 24 per cent above 
the price at which its shares 
were trading before the take- 
over rumours leaked out 

The deal values Calor at 
about 16 times prospective 
earnings, and while this might 
not seem overly generous, un- 
less another predator appears 
out of the bine it could be some 
time before Calor shareholders 



OUR EXPERIENCE IN BUILDING UP INVESTMENT 
VALUE IS ROCK-SOLID. 


We operate on the principle of security and tiie 
largest possible return. This must work 
because amongst our clients are large compa- 
nies with significant funds to invest Apart 
from the usual investments we offer German 
national and local bonds, unique to us. Andas 
an important issuing bank me always keep an 
eye on the market watching for new beneficial 
trends. Norddeutsche Landesbank is one of 
the 10 largest banks in West Germany and one 
of tbe top hundred in the world. It is a public 
law credit institution owned by the Federal 
State of Lower Saxony and the Lower SaxO- 
nian Savings Banks. These owners guarantee 
liabilities of the bank on a joint and several 
basis. Norddeutsche Landesbank is a world- 


wide bank participating fblly in all sec! 
the domestic and international banking 
Our tom! group assets in 1986 came to 
billion DM. With our branch in Londc 
the subsidiary in Luxembouig we hav 
operating bases that enable us to look 
business interests right on the spot 


WZttofiZ NORD/LB 

tear S'" 

'Ha 884 882 


NORD/LH 
Luxembotii 
26, Routed 
1—1140 lam 
Phoor4J22 
"Her 2485. 


* 


see 575p again. Burmah had an 
incentive to pay above the odds, 
because of the need to solve its 
unrelieved ACT problem, and 
fature bidders may be less gen- 
erous. As for Burmah, it is in 
the embarrassing position of 
having stumbled at the first hur- 
dle in its effort to add a third 
major business to its recently 
refurbished operations, while 
SHV, Calor’s largest sharehold- 
er, has left everyone in doubt 
about its continued long-term 
commitment to an independent 
Calor. 

Suez 

The French Government has 
had tittle difficulty brushing 
aside accusations of favouritism 
in the selection of “core share- 
holders* for privatised compa- 
nies. However in its eagerness 
to ensure a smooth passage for 
the accelerated privatisation 
programme it is now laying it- 
self open to the alternative crit- 
icism of undervaluing the 
French taxpayer's assets. The 
FFr317 a share offer price for 
Compagnie Financiers de Suez 
- a 25 per cent discount to asset 
value - looks tike a case in 
poinL And, as if to underline it. 
the most attractive offer since 
St Gobain is already trading at 
FFr350 In the London grey mar- 
ket (much to the embarrassment 
of brokers who have been ush- 
ering clients into the Suez non- 
voting stock at closer to 
FFr400). 

The Government can claim in 
Its defence that the French mar- 
ket has been looking a little 
sick, and financial stocks have 
looked especially vulnerable. 
An offer price at the bottom end 
of expectations is also unlikely 
to disappoint the company. By 
keeping the new shareholders 
happy with an attractive premi- 
um they are less likely to object 
when Suez follows Paribas with 
a chunky post-privatisation 
rights issue. The next issue may. 
nevertheless, make the offer 
price look somewhat less give- 
away as it will draw attention to 
Suez’s expensive growth pro- 
gramme across a range of in- 
creasingly competitive capital 
markets. Suez is heading to- 
wards Paris’s Little Bang and 
the opening up of the European 
insurance industry with a de- 
clining income from capital 
gains in prospect, and foe possi- 
bility of lower leading margins 
at Banque Indosuez. Despite 
the difficulties ahead the re- 
cent performance has been im- 
pressive enough to justify the 
extensive foreign interest 
• 

The only anxiety must be that 
investors take their premiums 
and buy back at the rights issue. 


♦ 


’* ! 


M>! 


ft 


norehb 

nordd g5^ 


I 

i 









J.TREVOR&SONS 


PROPER I V CONSULTA NTS 

Hoi Office 01-6-9 Si;l 

Cir* Lfl-h^ 5ot:h Ktasicpca OJ-iSi M62' 

Mitac-hcstcrOoI'i'J 67?2 SccSf:e!c *7-5 ■ "50945 

Kri-ucl 32?2 7* r *: ; Oxford {&6; 249454 


SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 


ARNOLD 


M 


W Timoet, Buying Materials, 
W Heapng and Plumbing 
V Equipment tof Ihe 
I Construction and Albed 
f Trades 

® Northampton 52*24. 


Calor rejects £820m 
bid from Burmah, SHY 


Tuesday October 6 1987 


Kadoorie INTERNATIONAL body seeks greater consistancy 

group sets Moye on accountancy standards 

share I BV DADDY Dll tV tkl I nUTVIU 



BY LUCY KELLAWAY IN LONDON 


CALOR, the UK bottled gas compa- 
ny, yesterday rejected a joint 
£820m (S1.33bn) bid proposal from 
Burmah Oil of Britain and SHV, a 
prfvately-owned Dutch company. 
The bid, which was final and had 
been made conditional on the rec- 
ommendation of the Calor board, 
was withdrawn at once, ending one 
of the shortest takeover sagas in re- 
cent history. 

Ur David Mitc hel l, managing di- 
rector of Calor, said yesterday; The 
offer was so low that we did not 
need any time to mull it over. I hope 
we have seen the end to all this, and 
we can get back to running our 
business.” 

SHV, which acquired 29.9 per 
cent of Calor shares in April claim- 
ing it regarded its Holding as ah in- 
vestment, yesterday reiterated its 
friendly intentions to the company. 

Mr Paul van V ti-«aringon J chief erT - 


ecutive of SHV, said: "We are very 
happy with our stake for a long- 
term strategic i nv e stm e nt - it is 
quite possible that we will still be a 
holder of 30 per cent of Calor in 
1995. 1 fully support the board, and 
am delighted f hqt they think that 
the company is worth more than 
the value of our bid.” 

While either SHV or Burmah are 
free to make a new bid indepen- 
dently, both companies said they 
had no such plans. Schraders, 
which advised Burmah on the deal, 
said: “Burmah viewed Calor as an 
ideal fit It was an important com- 
mercial opportunity for them”. 

However, the company said it 
had several other possibilities un- 
der review, and for the time being 
would concentrate on expanding its 
existing business. 

Burmah and SHV nTnwmnred 
their intention to make a bid for 


Calor last week, following a rapid 
rise in the Calor share price from 
about 4fl0p to almost 550p- After 
yesterday’s bid, which valued Col- 
or’s shares at 575p, had been reject- 
ed the shares fell sharply to dose 
50p lows' at 523p. Burmah shares 
fell 9.5p to 57 3p. 

Under the deal , a joint offer 
would have been made by a new ve- 
hicle, 50 per cent owned by Burmah 
and 50 per cent by SHV. Had the 
bid succeeded, Calor would have re- 
mained as a single unit, jointly 
owned by both companies. 

Color's insti tutional sharehol- 
ders, which ea rlier this year over- 
turned a r eco m mend ed bid for Con- 
tibel — the other Half of the old Im- 
perial Continental Gas group before 
it was broken up earlier this year - 
yesterday appeared to approve of 
tiie board's decision to reject the of- 
fer. 


price 


MoDo moves to control Holmen 


BY KEVIN DONE, NORDIC CORRESPONDENT IN STOCKHOLM 


MODO, the Swedish pulp and paper 
group, yesterday took a decisive 
step towards gaining control of Hot- 
men, a rival domestic forest prod- 
ucts group and Europe's leading 
newsprint producer. .. 

It has reached agree me nt with 
Ratos, the Swedish investment 
company, to buy its 30.5 per cent 
voting stake in Holmen for 
SKrl.4bn ($21Bm), despite the long- 
standing opposition of the Hoimen 
m«ring<»m<>ni to the deal. MoDo is 
paying SKr725 a share, a 21 per 
cent premium over the market 
price. 

The deal creates a new constella- 
tion in the European pulp and pa- 
per industry involving MoDo, Igge- 
sund - its 4&6 per cent owned affil- 
iate - and Holmen, which will rival 
the gristing market leaders in 
Sweden, Store, Europe's biggest 
forest products group, and Svenska 
Cellulose (SCA). 

The new grouping brings togeth- 


er three of Sweden’s strongest pro- 
ducers in fine paper and market 
pulp, MoDo, newsprint and tissue, 
Holmen, and board, Iggesund. 

Iggesund, the MoDo *ffi forte, al- 
ready owns a 25.7 per cent voting 
stake in Holmen. Yesterday’s deal 
gives MoDo/lggestind 46.6 per cent 
of the votes and 26.9 per cent of the 
equity in Holmen. 

As a separate part of yesterday’s 
deal Ratos also has an option to sell 
its 9.8 per cent stake in Iggesund to 
MoDo during April next year for 
SKrMS-Bm, or SKr€25 a share, a 19 
per cent premium over the current 
market price. 

Trading in the shares of all four 
companies - MoDo, Holmen, Igge- 
sund and Ratos was halted yester- 
day. 

Mr Mats Carlgren, chairman of 
MoDo and Iggesund/whose family 
is the major shareholder in MoDo, 
Has been seeking to build a third 


force in the Swedish pulp and paper 
sector for more than three years, 
but his previous approaches to Hot 
men have been forcefully rebuffed, 
despite tiie 15 per cent stake built 
up by Iggesund. 

Mr Christer Zetterberg, Holmen 
chief executive, told shareholders 
earlier thin year that he could see 
no advantage in a mer ger with Mo- 
Do, and the two mein Holmen 
shareholders Ratos Marieberg 
- the newspaper and puhEshi n g 
group controlled by the Boomer 
family - pr omised that Holmen 
would retain its rr t/ i p pg T ri pnlH * from 
other pulp and paper groups. 

MoDo had a turnover last year of 
Skr7.39bn, compared with Holmen’s 
turnover of SKr6.4bn and Iggesund 
wrthSKz2.4bn. 

Earlier this year MoDo sold its 
tissue and hygiene products subsid- 
iary to Hoimen for around 
SKr550m. 


By David Dodwcrfl in Hong Kong 

HONGKONG and Shanghai Hotels, 
the group controlled by the family 
of Lord Kadoorie - Hong Kong's on- 
. ly member of Britain's House of 
Lords - yesterday fixed the price at 
which just under 35 per cent of the 
company’s share capital is to be of- 
fered in a HKS2bn (USS256Jm) is- 
sue to international institutional as 
well as local investors. 

The offering is aimed at widening 
and stabilising the company's 
shareholding after Mr Joseph Lao, 
who heads the Evergo group, at- 
tempted to wrest control of Hong- 
kong and Shanghai Hotels from the 
Kadoories. 

About 55 per cent of the offering - 
or 2L25m shares -will be offered to 
international institutions at a price 
of HKS61.75 a share. The remainder 
of the shares - about 1125m - will 
be offered to the Hong Kong public 
at HKS6L50 apiece . This repre- 
sents a discount of almost 8 per 
cent on the market price of the 
group's shares, which stood at 
HKS87 at the end of trading yester- 
day. 

The group, which is one of the ol- 
dest in Hong Kong, owning the 
prestigious Peninsula Hotel and a 
portfolio of prime properties in the 
British territory, was thrown into 
crisis early this summer when Mr 
Lau and another outside sharehol- 
der acquired almost 45 per cent of 
the group. 

Though the group’s shares are 
one of the constituents of tiie Hang 
Seng index, Hong Kong’s wwi n 
stock market indicator, they had 
until recently been barely traded, 
with the company ignored by most 
stock market analysts, because of 
the tight control held by tiie Kadoo- 
rie family, and the family of Mr 
David Liang. 

The Kadoorie family's average 
buying price for the shares now be- 
ing placed was HKS65. Assuming 
the shares are successfully sold at 
the prices fixed yesterday, this will 
involve a loss to them of HK$115m. 


Dixons Group pic 


has acquired 


Tipton Centers, Inc , 


The undersigned acted as financial advisor to 
Dixons Group pic in this transaction. 


MORGAN STANLEY INTERNATIONAL 


Atttftust Of. 19X7 


BY BARRY RILEY IN LONDON 

THE International Accounting 
Standards Committee (IASC), the 
multinational body which was 
founded in 1973 ami provides rec- 
ommendations on g tnwHarHi^ing 
companies’ acc ount*, is to tighten 
its standards to improve consisten- 
cy of financial reporting in different 
countries. 

The committee’s board, compris- 
ing representatives of 13 countries, 
has decided according to its October 
1 annual report for 1987, that it 
must reduce the number of permis- 
sible options under its p ri ntin g 
standards so that “they may form a 
benchmark for use in multinational 
securities offerings.” 

The IASC has so far issued 26 ac- 
counting standards, along with four 
exposure drafts, which have been 
sent out for comment The stan- 
dards have in the T nH i n rniipd a 


number of acceptable options from 
the various practices used in differ- 
ent countries. 

This has meant that company ac- 
counts in different countries, while 
in rvMwpliflnrp with the internation- 
al standards, have not been directly 
comparable. 

The IASC has set up a steering 
committee on the comparability of 
financial statements, with a brief to 
prepare an inventory of options 
within existing international stan- 
dards and to attempt to identify the 
reasons for their existence and ret- 
ention. 

The annual report says this com- 
mittee will make recommendations 
on those practices that should be el- 
iminated and those for which a pre- 
ferred option should be specified. 

The IASC also hopes to broaden 


its membership by including repre- 
sentatives of companies which pre- 
pare accounts rather than just audi- 
tors and analysts as at present 

An invitation has been extended 
to the International Association of 
Financial Executives Institutes to 
take up a vacant board seaL 

The IASC says it must work more 
closely with regulatory authorities, 
as well as standard-setting bodies, 
multinational companies and ac- 
counting firms, to achieve the de- 
gree of harmonisation desired by 
foe users and preparers of financial 
statements. 

The committee already has a con- 
sultative group, which meets the 
board several times a year and in- 
cludes representatives of such bod- 
ies as the International Chamber of 
Commerce, the International Bar 
Association and the International 


GFSA profits fall to R315m 


BY JIM JONES IN JOHANNESBURG 


WAGE increases to black miners 
lifted gold mine operating costs by 
about 5 per cent in the September 
quarter, according to Mr Colin Fen- 
ton, a director of Gold Fields of 
South Africa (GFSA). 

In Johannesburg yesterday Mr 
Fenton said wages had contributed 
45 per cent of the operating costs of 
a typical gold mine «nH that Hwic 
employees’ wages had been 25 per 
cent of total costs. 

GFSA's mines awarded their 
black miners wage increases aver- 
aging 20 per cent on July 1, which 
meant black wage incre a ses alone 
lifted working costs by 5 per cent on 
a quarter-on-quarter basis. 

GFSA's mines were not affe cted 
by foe black miners’ strike. As a re- 
sult, the mine's September quarter 
performances probably do not pro- 
vide an indication of the results due 
to be reported in the next two 
weeks by minpn w hich were tHIpH 
by the strike. 

Average unit costs were 8 per 


OoM produced After-tax profit Earning* par share 
fkHogtammss) (R mUon) (cents) 


Meted 

Sop *87 

Jim *87 

Sep *87 

Jun *37 

Sep *87 

Jun *87 

DoeficraaJ 

2,063 

1.968 


26.38 

21.3 

14.4 

Poomlontoln 

1,915 

2,123 

EL90 

18.83 

(0 A) 

6&4 

DrteCom 

17,237 

15.798 

1*7.51 

157.92 

113J* 

873 

Kloof 

7,560 

7,560 

10*56 

97.22 

34.6 

29.7 

Ubonon 

2JBB9 

2.132 

17ns 

17.38 

101.0 

61.7 

Vontorspost 

1,560 

1.580 

538 

8JJ1 

97.4 


Vtekfontoln 

217 

268 

1.00 

1.03 

P3-1) 

(112JJ) 


Earnings par share are cstcutated attar capital spendng. Vtaktomeln's capital expends ire ex- 
ceeded after-tax profits In the June end September quarters. DoonWonten's capital spendng 
was greater than the after-tax profit In the September quarter. Figures n parentheses are ne- 
gative. 


cent higher in the September quar- 
ter than in the June quarter, at the 
seven goldmines managed by 
GFSA. However, cost increases 
were significantly higher at mines 
suffering production difficulties. 

Although the GFSA group's aver- 
age gold recovery grade increased 
to 8.7 grammes per tonne (g/t) from 
the June quarter's 8.4 g/t and aver- 
age gold prices increased to 
R30, 187/kg from R28, 664/kg, higher 


working costs and increased tax left 
the overall after-tax profit lower at 
R315m (592.6m) against R328m in 
the June quarter. 

Driefontein Consolidated, the 
largest of the group's mines, in- 
creased gold recovery significantly 
at its East Division while, in con- 
trast, Doomfontein’s grade dropped 
to 52 g/t from tire June quarter’s 5.8 
g/t 


Organisation of Securities Commis- 
sions. 

Elsewhere, the LASC board ex- 
pressed concern about inflation ac- 
counting. noting that fewer enter* 
prises are providing information 
reflecting the effects of changing 
prices, as required fay its interna- 
tional standard IAS 15. 

In foe fare of arguments from 
companies that the information is 
□o longer important because of de- 
clining inflation rates in many 
countries, the board has set up a 
steering committee to consider 
whether a comprehensive review of 
IAS 15 should be undertaken. 

Separately, the IASC has pub- 
lished a new exposure draff. No. 31, 
to cover financial reporting in hy- 
per-inflationary countries, where 
the cumulative inflation over three 
years is 100 per cent or more. 


CSX reports 
23% rise 
in profits 

By Our Financial Staff 
CSX, the US railroads, energy and 
technology group whose results tra- 
ditionally signal the start of a US 
reporting season, has announced a 
23 per cent rise in third-quarter 
profits. 

Net earnings rose from $77m, or 
50 cents a share, to S95m, or 61 
cents, mainly attributable to steng- 
thened transportation results. 

Nine-month net profits, however, 
were 5268m, or S1.73 cents a share, 
against S286m, or 51.87, while reve- 
nues rose from $5J!9bn to $5 .91 bn. 
Results for 1986 have been restated 
to reflect the consolidation of Sea- 
Land. 

The company said total rafl traf- 
fic bad increased 7 per cent while 
Sea-Land container volumes had in- 
creased 4 percent from the levels of 
1986. General commodity rail traffic 
was up 8 per cent 
Energy division results were 
stronger in the third quarter in** 
year-to-date 


! appears ok a matter of record only. 


30th September, 1387 


<*M> 

Matsushita Electric Works, Ltd 

US. $300,000,000 

3 per cent. Notes 1992 

with 

Warrants 

to subscribe for shares of common stock of Matsushita Electric Works, Ltd. 

Issue Price WO per cent. 


Yamaichi bitemational (Europe) Limited 

Morgan Stanley International Credit Suisse First Boston Limited 

Daiwa Europe Limited The Mkko Securities Co., (Europe) Ltd 

Nomum International Limited Sumitomo Finance International 


Bank of Tokyo Capital Markets Group 
Baring Brothers & Ox, limited 
Deutsche Bank Capital Markets Limited 
IBJ International limited 
KOKUSAl Europe Limited 
Merrill lynch Capital Markets 
JF. Morgan Securities Asm Ltd 
New Japan Securities Europe limited 
Salomon Bmthers international Limited 


Banque Paribas Capital Markets limited 

Credit Lyonnais 
Goldman Sachs International Carp. 
Kleinwort Benson limited 
Kyowa Bank Nederland N. V, 
Samuel Montagu & Ox limited 
National Securities of Japan (Europe) Ltd 
Nippon Kangyo Kakamaru (Europe) limited 
J. Henry Schroder Wagg& Co. limited 


Swiss Bank Corporation International Limited Taihriyo Europe Limited 

Tokai International Limited Union Bank of Switzerland (Securities) Limited 

SJG. Warburg Securities 





NEW LISTINGS 


This announcement appears as a matter of record only. 


PECHINEYs 





REYNOLDS 

ALUMINUM 


US $300,000,000 

Amended Multicurrency Limited Recourse Project Financing 
to provide for the participation of 
Pechiney and Reynolds Metals Company 
in the Aluminum Smelter Project in 
Becancour, Quebec, Canada. 


Credit Lyonnais 


Lead Managed By 

Bank of Montreal Banque Nationale de Paris 


Funds Provided by 

Bank of America NT & SA Bank of Montreal La Banque de Nouvelle-Ecosse 
The Bank of Tokyo, Ltd. Banque Arabc ct Internationale d'Investissenient (BAH) 
B.S.F.E. - Banque de la Soctettf Financier* Europ^enne Banque fndosuez 

Banque Nationale de Paris Banque Nationale de Paris (Canada) Banque Paribas 
Banque Paribas du Canada Barclays Bank Group The Chase Manhattan Bank, N.A. 
Chemical Bank Citibank Qnwda Commerzbank International Credit Chimiquc 

fesc*tr hmsmjtne 

Credit du Nord Credit Industriel ct Commercial de Paris Cngdit Lyonnais 
Credit Lyonnais Canada Credit Suisse Canada Deutsche Bank (Canada) 

Deutsche Bank Luxembourg S.A. Fuji Bank Canada Generate Bank SA/NV 
The Industrial Bank of Japan (Canada) Irving Trust Company 

The Long-Term Credit Bank of Japan. Limited Manufacturers Hanover Trust Co. 

Mellon Bank Canada The Mitsui Trust and Banking Company Limited 

National Westminster Bank Group The Royal Bank of Canada Sanwa Bank Canada 
The Sanwa Bank, Limited Soctete G£n6rate Socifctf G£n£rale (Canada) 

The Sumitomo Bank. Limited 


Agent 

BANK OF MONTREAL 


July, 1987 





Three year 
performance 
to 1st September 


Percentage 


Position and 
total number 


& 



UK Growth 

European 

Income & Growth 

Worldwide Recovery 

Pacific 

Practical 

International 

Japan 

High Income 

American 


in value 

in sector 

+289.7 

6th .... 

..100 

+228.9 

1st 

... 22 

+200.7 

3rd .... 

...76 

+180.1 

4th .... 

... 81 

+162.0 


... 32 

+183.3 

1st 

5 

+130.7 

13th 

... 81 

+119.8 

25th... 

...36 

+106.7 

10th... 

... 13 

+53.4 

23rd .. 

...64 


it wniM mar . 




Seven of our unit trusts are among the top ten 
in their respective sectors. Nine have more than 
doubled investors’ money. 

Our range includes specialising in the major 
markets as well as a selection of internationally 
managed funds. 

The Worldwide Recovery Fund, having grown 
by 41.1% over the last year*, remains the most 
popular especially with professional advisors. 

For further details about World- 
wide Recovery or any of our funds, Jfl 

telephone 01-489 1078 or write to It 
Oppenheimer Trust Management [ pm 
Limited, Mercantile House, 66 nj j f S " 
Cannon St., London EC4N 6AE. Fiwti Management ltd 


•Financial Times Tuesday October 6 1987 

INTERNATIONAL COMPANIES & FINANCE 


Another 


PECHINEY REYNOLDS QUEBEC, INC. boardroom 


NOW LISTED ON EIGHT 
EUROPEAN STOCK EXCHANGES 


Shares of Compagnie G£n€rale d’filectricite (CGE), lis- 
ted on the Paris Stock Exchange since June 3, 1987 follo- 
wing the Company’s privatization, began trading on 
September 29, 1987 on seven other exchanges; 


- Antwerp and Brussels, Belgium 

- Amsterdam, Netherlands 

- Basel, Geneva and Zurich, Switzerland 

- Frankfurt, West Germany 



in Japan 


By Ian Rodger In Tokyo 


ON THE whole, as an econo- 
mist might say, the Ja pan es e 
are coping very well with the 
rapid structural changes 
forced on them by the rapid 
rise in the yen In the put two 
years. However, a spate ef sur- 
prisingly messy boardroom 
shake-ups in the past few 
months In leading Japanese 
companies testifies to the sub- 
stantial Internal tensions that 
have boilt np along the way. 

la the latest case, which 
bnrst into the open last week , 
Mr Jlro Yanase, a 71-year-old 
car import tycoon, has come 
ont of semi-retirement and 
sacked his well-born 
son-in-law as president, It ap- 
pears that Mr Takahide Inaya- 
ma, the son-la-law, was held 
responsible for the failure ef 
the privately owned Yanase 
group to prevent the partial de- 
fection of its biggest client, 
West Germany's Daimler-Benz. 


Fit of pique 


In August, the Japanese 
were treated to a similarly un- 
seemly spectacle when Mr 
Ichiro I soda, c hair man ef Sam- 
itomo Bank, announced that 
Mr Koh Komatsu, the bank’s 
president, would be resigning 
two months ahead of schedule. 
The reason for Mr Isoda’s fit ef 
pique, ft seems, was that Sumi- 
tomo's ambitions expansion 
drive in the past year has tem- 
porarily removed It from its 
perch as Japan's most profit- 
able bank. 

Another startling boardroom 
shuffle occurred in Jane when 
Mr Shqjl Nogawa, president of 
Komatsn, the eonstraction 
equipment group, was sacked 
by the group’s 78-year-old 
fhnrnwnn, Mr Byolchi KawaL 
Mr Eawai, son of the «■« who 
bnilt np the group from its 
modest beginning as a captive 
machine tool builder for a min- 
ing company, was apparently 
getting nervous that Mr Noga- 
wa, a hands-on manager with a 


production background, had 
become too powerful within 


become too powerful within 
the company. 

Yanase. the latest case, is Ja- 
pan's leading car importing 
group, representing General 
Motors of the (is and Volkswa- 
gen of West Germany as well as 
Benz. It was a typical importer 
in the days when imports were 
not welcome in Japan. The 
company enjoyed a comfort- 
able and highly profitable life 
by selling very few cam at very 
high margins, leaving the bard 
work and the big volumes to 
the local mannfactnrers- 


Paltry shares 


However, in the past few 
years, this strategy has been 
more difficult to sustain, as 
foreign carmakers have be- 
come more and more dissatisf- 
ied with their paltry shares in 
the big Japanese market. In 
1981, BMW of West Germany 
(which had been represented 
by another importer) set np its 
own distribntlon network in 
Japan. 

Yanase and others claimed 
that foreigners could never 
manage on their own In the 
Japanese market, but BMW 
has continued to grow rapidly 
and. In the first half ef this 
year, took away the import 
market leadership from Yaa- 
ase’s Daimler-Benz. In 1883, 
Benz sold 5,752 cars in Japan, 
BMW 5,380. In the first half of 
this year, BMW sold 10,650 to 
Benz’s 9414- 

Other importers have taken 
note of BMW’s success, and 
last year Benz indicated its dis- 
satisfaction with Yanase by 
setting np its own Importing 
subsidiary In Japan. Last 
month, in the move that appar- 
ently set off the Yanase board- 
room shuffle, Benz announced 
a series of arrangements with 
Mitsubishi Motors, including 
giving Mitsubishi the right to 
set np Benz dealerships in Ja- 
pan. (Yanase retains non-ex- 
clusive distribution rights.) 

Hr Yanase, owner and chair- 
man, said last week be was re- 
turning to the front line be- 
cause the situation at home 
and abroad is at ■ crucial 
stage.’ Mr laayama, the son of a 
former Nippon Steel chairman, 
has been promoted to the pow- 
erless position of vice-chair- 
man, and indastiy observers 
are already wondering about 
the succession at Yanase. Mr 
Yanase has no son of his own. 



No businessman 
is an island 


Every day your business horizons 
are being stretched. Il is becom- 
ing increasingly perilous to 
ignore the fact that how the world 
trades today is of vital signifi- 
cance to the decisions you take at 
■ 9.30 tomorrow. All you have to 
do to end your insularity is to 
send your business card to 1. 
Cooke, PO Bov III. London 
EC3. or write to him at the same 
address. 


John Elliott on the reorganisation of a family conglomerate 

Birlas settle on gradual approach 


ABOUT 75 per cent of the main 
55 quoted companies in India’s 
large Biiia business house have 
been allocated to individual 
members of the Birin family af- 
ter more than a year’s complex 
negotiations aimed at dividing 
shared assets into six main indi- 
vidual groups. 

Shares worth more than, 
Bslbn ($47m) have already 
changed hands. About the same 
amount again Is expected to be 
involved in sorting ont the rest 
of the total 200 Biiia companies. 

1 About half of the first Rslbn 
is being spent by Mr B K Birla, 
aged 66, an important elder in 
the family who initiated the 
changes, and his son Aditya, 44. 
They will finish up heading by 
for the largest group of the fami- 
ly, but in the process will have, 
provided other members of the 
family with considerable piles' 
of cash for investment 

The Birlas are the biggest in-, 
dustrial family group in India,' 
marginally whand of the Tata, 
group, with both assets and> 
turnover of well over Hs40bn. 
spread across a wide range of 
industries from engineering,' 
textiles and cement to fertilise 
ters, jute and steeL 

They are the leading family of 
India's major Marwari business 
caste, which came originally 
from the western desert state of 
Rajasthan and now, having 
moved to Calcutta and other 
major cities, dominates large 
sections of Indian industry. 

Since Mr G D Birla, the undis-. 
puted head of the family, died 
in 1883 at the age of 88, there 
has been no major unifying 
force. Hie senior family mem- 
bers decided last year to sort 
out the cross-holdings and 



Hr B K Birla and his 


a Mr Aditya Birla - will head by far the 
largest group 


agreed that family members 
would buy from each other con- 
trolling interests In the compa- 
nies they were already promot- 
ing and managing. 

The aim was to avoid the sort 
of ownership squabbles which 
have hit other Indian business 
families as successive genera- 
tions have grown up. But squab- 
bles have broken out, and earli- 
er in the year some members of 
the family bid against each oth- 
er on the open share market 

Mr B E Birla now admits that 
It was a mistake a year ago to try 
to sort out all the cross-holdings 
in 200 companies at the same 
time because of the complexi- 
ties of existing ownership, argu- 
ments about future control and 
share prices, as well as other 
.problems such as heavy corpo- 


rate taxation. So the companies 
are now being tackled gradually 
anH businesses with disputed 
ownerships have been left till 
later. 

Hie BK- Aditya group, as the 
biggest group will probably be 
known, includes major compa- 
nies such as Grasim Industries, 
formerly called Gwalior Rayon, 
with a turnover of about Rs4bn, 
and Hindustan Aluminium 
(Rs3bn turnover). 

Mr B K Birla’s Century Spin- 
ning (RsSLSbn) Is still the sub- 
ject of negotiations because it is 
owned by Pilani Investments, 
an important family finance 
and investment company. Pilani 
is owned by several branches of 
the family and is still in dispute 
in the pool" of unresolved as- 
sets. 


Other BK-Aditya companies 
with sales in excess of Rslbn in- 
clude Indian Rayon and Keso- 
ram Industries, and there is a. 
stake in a major new fertiliser 
plant budgeted to costRs7bn. 

Next biggest is the group of 
Mr G P Birla. aged 85. ana Ins 
son Mr C K Birla, 32, and in- 
eludes Hindustan Motors 

(Rs3.3bn turnover) and Orient 
Paper (Rsl.8bn). . 

The third biggest is run by Mr 
E K Biiia, 69. a Congress I mem- 
ber of Parliament, who owns the 
Hindustan Times, a major na- 
tional newspaper. He is buying 
a 7 per cent stake and a substan- 
tial managerial interest jq 
GKW, an ailing Calcutta-based 
engineering offshoot of GEN of 
the UK with a RsSbn annual 
turnover. 

Mr K K Birla is making this 
purchase through bis main fi- 
nance company, Sutlej Cotton, 
in which he has bought a con- 
trolling interest during the fam- 
ily sbake-up. His other main 
companies include Zuari Agio 
(Rsl-4bn turnover) and Texma- 
co (Rs860m). His new projects 
include a share in a major fer- 
tiliser plant 

The fourth in line is Mr S K 


Birla, 51, who is acquiring a 
dominant interest through a fin- 
ancing deal organised by Mer- 
rill Lynch in the Indian offshoot 
of Chloride of the UK, a unit 
which has Rslbn in sales. One 
of the largest companies In 
which he has secured control is 
-Jiyajeero Cotton (turnover 
, Rslbn) which has been used as 
.a major investment company. 

The final two smaller groups 
i are headed by Mr M P Birla, 
laged 70, and Mr Ashok Birla. 47. 


SPONSORED SECURITIES 


NOTICE OF RBDCWnON 
IbUoHcMnf 


High 

Low 

Conqimv 

Price 

Change (Bv-tp) 

96 

P/E 

206 

133 

Am. Brit. IimL Ordinary 

_ 203 

— 

73 

35 

12.4 

206 

145 

AtL Brft_ Inri. CULS 

_ 203 



105 

4.9 



41 

34 


~ 36 



AX 

11.7 

5.0 

142 

67 

BBS Dolgn Group (USM) — 

~ 1KM 

— 

2J. 

1.9 

175 

186 

108 

Bardon Group - 

~ 186 

4-1 

27 

1A 315 

154 

95 


~ 184- 

— 

4.7 

25 

14.7 

276 

130 


_ 276 

+1 

115 

45 

7J 


Exxon Finance N.V. 


10K% GunuMed Notes Due November 1, 1989 
•Crerip Number 301964 AB 4 


146 99 CCL Gram 1396 Coov. Pref. _ 146 


171 136 CarbortaKtam Ordinary ■■■- — . 167 

102 91 Carborundum 7.596 Pref. 302 

175 87 George Blair 175ri 

143 119 Isis Group 120 

97 99 Jackson Group 97 

1170 321 James Burrough 1170 

333 86 James Burrough 996 Pref. 133ri 

780 500 MuttitMaseNV(AmstSE) 505 

TOO 351 Record Rldgway Ordinary - 700sus 
87 83 Record Ridg way 1046 Prof. — 87sm 

91 65 Hobart Janklnt 65 

324 42 Scruttons 324sus 

223 141 Tw^rSCHM* 222 

42 32 Trewlan Holdings 42mm 

131 73 Uni lock Holdings (SE) 924 

264 115 Walter Alexander (SE) 263ml 

201 190 W.S.Yeates 201 

175 96 West Yorks, tnd. Hasp. (USM) 151 
Securities designated ISD and (USM) are dealt In 
regulations of The Stock Exchange. Other securities 
subject to the roles Of FT M BRA. 


— 15.7 10.8 — 

— 5.4 32 145 

— 30.7 105 — 

— 3.7 2J. 4-5 


NOTICE IS HEREBY GIVEN to die balden of MM Guaranteed Notes doe November 1, 
1909 (tbe “NotM”) of Boon Finance JIV. (the "Company”) mBiuant to Section 15112 of the 
Inden tur e dated as of September 15, 1962 among the Company, Exxon Cor p or at ion. 
Guarantor and Manufacturer* Hanover Hoot Company; Dnstee, and the provision «f the 
Notes tbatfhe Company has encased its option to r ed e em all ef the ou t * taintin g Notes co 
November 1, 1387 (the ‘'Redemption Data”) at 100% of tha principal thereof (the 

"Redanptian Price”] ptns larud intaust to tbe Redemption Dab. tntmeeton tbe Notea wiS 
cease to nreru on and after Nownbw 1. 1887. 


+1 34 15 10.7 

+10 152 3-6 265 

— ■ 12.9 9.7 — 

— — — 205 

— 14—145 

— 14JL 165 — 

— — — 2.9 


^ J ( The Redemption Price an the Registered Notes will bepaidta or after November L 

— — II 1987 open smnoderef tha Naim at IhaafEees of tha Thstae bled bekm or at UmMSomot 


the Paying Agmia fated behwr far paying the CoepouNcte*. The method of d rii v «r y of the 
Notes is at the option and risk of the hoM*n bottt trail la cmd. Registered Mail Manggaetad. 


— 65 

— as 


65 35 105 

OH 15 3-9 

25 35 16.9 
5.9 22 195 
7.4 8.7 20.1 


If by lend ax 
Mxoacfactnrere Hanover 
Dost Company 
Debt OpereUoiM Window 
40 Wall Street 
BBLnd 
Nrw York. N.Y. 


It by mail Ux 

Mamrlhrt ntore Hanov e r 
Duet Company 
P.O. Boa 2882— G P.O. Station 
New York. N.Y. 10115-2862 


+1 17.4 8.7 20.1 

— 55 35 165 

subject to the rules and 
listed above are dealt In 


Gmnvile & Co. Limbed 
8 Lovet Lane, London EC3R 8BP 
Telephone 01-621 1212 
Member of FIMBRA 


Granville Davio Coleman Limited 
27 Lovat Lane, London EC3R 8DT 
Telephone 01-62 1 1212 
Mentha- of the Send Exchange 


The Intend doe November 1, 1987 an the Registered Note* mil be paid in the umal 
mannec 

, The Redemption Price on tfaeOonpon Notea wiD ha paid, a al ^me tn 
end [regulations, on or afto- November 1. 1987 npan surrender of die Notea with the May I, 
198B and on heeQuoutco opens attached only at tbe offices of the following Paying Agmte: 
Mo tf anw.Hm mr Banque BranDae Lambert 

. A venae Mania 94 

lGeny Raffles Squrer B-lOflO B ru —nls 

loodoa £15 IXG BELGIUM 

ENGLAND 


Msmif schn oi s H a nove r 
Duet Company 
Btoekeretnune 33 
Zariofa 

SWITZERLAND 


Manufacturer* Hanover 
Daet Comp a n y 

BorhenhejmerLa n de tt sem i 51-03 

Frankfort 

WEST GERMANY 


Mimut k r tnrer* Hanover Bank 
LaacmhonrgS-A. 

9 8 Boal evard Prince Henri 
LUXEMBOURG 


Banqae Worms 
46 Boulevard Humus: 

7S4Z7 Paris. Cedexea 
PRANCE 


AB Svensk Exportkredit 

(Swedbh Export Credit Cotpnratkm) 

U.S. $150,000,000 
Floating Rate Notes due 1990 
For the period 30th April, 1987 to 30th October, 1987 the Notes will 
carry an Interest Rate of 7.1408% per annum with a coupon amount 
of U.S. $362.99 per U.S. $10,000 Note, payable on 30th October, 
1987. 


Tbs Novmnto 1. 1987 ooepon should be det a ch ed and preseeded for pa ym e nt in tbs 


aunt! kmi TM 


wiihteUi. important™* information 

tor lrii steec r PnyiPK Agent hue the correct taxpayer identification number (nodal security 
nm heri or « mmpti< m certific ate of the Payee. PWoSSe 
peopoity completed W-0, exemption certificate orequrraleM when prtnuitiim your Notts. 

wiM.an Exxon finance n.v. 




n Baokerslrust 
Company, London 


Agent Bank 


This announcement is neither an offer to sell nor a solicitation of offers to buy any of these securities. 


September, 1987 


U.S. $1,000,000,000 

Federal National Mortgage Association 


FannieMae. 

Euro-Medium -Term Notes 


Dae from 1 to 30 Years from Issue Date 


The Notes, togeth^ with mterest aeregii, are not guaranteed by the United States And 

constitute a debt or obligation of the United States or of any agency or d 1104 

instrumentality thereof other than the Corporation!^ 


Copies of the Offering- Circular may be obtained in any jurisdiction in whirh 
this announcement is circulated only from such of the undersigned 
as may legally offer these securities in such jurisdiction! 


The undersigned will act as Agents outside the United States for the continuously offered Notes. 


Credit Suisse First Boston Limited 


Salomon Brothers International Limited 


Merrill Lynch Capital Markets 
S.G. Warburg & Co. Ltd. 


* 




Fin a nci al Times Tuesday October 6 1987 

INTERNATIONAL COMPANIES & FINANCE 


Compagnie 
duMidi 
agrees to 
buy broker 

By George Graham bi Part* 

COMPAGNIE DU MIDI, the 
French umuruce group now 
bidding for control 

Law In the UK, has agreed to 
buy Meeschaert-Rousselle, 
France’s largest stockbroker. 

Herachaert, which had pre- 
vtoaaly said U would not seek 
an outside buyer in the free af 
the changes now sweeping the 
French stock exchange, wUl 
sell control of Its braking and 
fading activities to Couraag- 
nie da Midi white beetling its 
Private client activities inde- 
pendent. 

The takeover will be gradu- 
al, in line with the conditions 
of the Stock Exchange re f orm 
bill doe to pass through parlia- 
ment In the current antomn 
session, which will not allow 
fall control an til 1990. 

Meesehaert, which had tarn- 
aver of FFrt87m <$465m)tn 
1988 and handled FFrUObn of 
transactions, is the fifth 
French stock b r oke r to have of- 
ficially announced that it 
would sell control to an oot- 
sfde financial institution, bat 
ether firms have already sub- 
mitted plans to the french trea- 
sury for approval. 

Some firms have discovered, 
however , that there are limits 
to a bank's enthusiasm far buy- 
ing a broker. Several foreign 
securities houses, Which had 
originally planned to buy a 
French firm, are new reconsid- 
ering their plans, while sever- 
al French banks have resisted 
the prices being sought - often 
about 15 times IBM's high lev- 
el id! earnings. 

Midi, which has already 
moved into the Ww-rioi mar- . 
kets through its subsidiary 
Delta Banqoe, said St planned 
to keep Meesehaert as a decen- 
tralised operating unit, ensur- 
ing that It retained the neces- 
sary independence from other 
companies in the gronpu 

• Cents, "the French holding 
company at Italian industrial- 
ist Carlo De Benedetti, is hold- 
ing talks aimed at obtaining a 
stake In securities broker 
Francols-Dnfonr Kervem. 

The discussions were cen- 
tred on Gens taking a stake of 
less than 109 pet. A decision 
would probably be reached by 
year-end. Cents said. j 


Philips plans to float 20% of Polygram 


BY LAWA RAUN H AMSTERDAM 


■ POLYGRAM, the music produc- 
tion. subsidiary of Philips, will 
be partially floated through an 
international equity offering 
: whic h expected to raise about 
$270m through the public sale 
of 20 per cent of Polygram’s 
shares 

Philips, the Dutch electronics 
group, said that it expected the 
issue price to be about $18 for 
each of the 15m shares to be put 
on the market next month. 
About 70 per cent of the stock 
will be placed in the US and the 
remaining 30 per cent in the 
rest of the world, mostly Eu- 
rope: 

The partial flotation Is seen 
as Philips* way of fostering Po- 
lygram’s d rama tic turnaround 
of recent years by enabling it to 
tap the capital markets for fresh 


Pakhoed to 
dispose of 
Air Express 

By Our A mste r da m 
Cor res po nd e nt 


PAKHOED, the Dutch transport 
and storage group, plans to sell 
its airfreight forwarding divi- 
sion, called Pandair to Air Ex- 
press International of Darien, 
Connecticut. i 

No sales price was disclosed 
but, Pandair is considered to be 
one of the largest international 
air freight forwarders, with 
turnover of FI 800m ($3885m)m 
196a 

Pandair has lost FI 22.5m in 
the past two years amid cutth- 
roat competition In the air: 
freight industry, especially in 
the US where the division has 
suffered from operating ineffi - 1 
ciencies and marketing difficul- 
ties. Some analysts expect the j 
division to return to the black 
this year. 

Pakhoed, which is based in 
Rotterdam, said that its Pandair 
division and Air Express "are 
for the greater part complemen- 
tary, both geographically and in 
terms of activities.' Pandair op- 
erates in the US, western Eih 
rope. Far East and Pacific and 
employs L220 l 

Air Express is the oldest In- 1 
temattonal airfreight forward-i 
er in the US and has 48 compa- 
ny-owned offices in America 
and 75 outside. It employs 2£50 
and posted sales of $320m in 
1986. 


investment foods instead of re- 
tying on the parent company. 

Philips is keen to exploit Po- 
lygram, which brandishes some 
of the highest profit margins in 
the whole group, and is there- 
fore willing to grant it more in- 
dependence than might be ex- 
pected from Ur Cor van der 
Klugt, Philips’ chairman, who 
has been centralising control in 
Eindhoven. 

Philips believes that the na- 
ture and the global scope of Po- 
lygram's activities as well as its 
growth strategy justify a more 
independent positionjhe Dutch 
parent said. 

'While Philips considers It ap- 
propriate to reduce Its holdings 
at this time, it intends to main- 
tain its involvement in the soft- 
ware music industry through 


Polygram and, therefore, be- 
lieves it Is of strategic impor- 
tance to retain a controlling in- 
terest in Polygram.' 

Prudential-Bache Capital 
Funding and Merrill lynch 
Capital Markets will co-lead 
manage the entire global issue. 
The initial listing will be on the 
National Association of Securi- 
ties Dealers Automated Quota- 
tion system (NASDAQ) with list- 
ings expected to follow within a 
year in London and Amsterdam. 

Polygram features some of the 
most prestigious names in mu- 
sic recording, including Deut- 
sche Gremmophon, Dacca, Poly- 
dor and Casablanca and 
reported operating profits be- 
fore extraordinary items of FI 
170m ($82. lm) on sales of FI 
29bn in 1986. Until just a few 


years ago, however, it was an al- 
batross around Philips’ neck, 
losing nearly $300m between 
1979 and 1982, mostly in the US. 

In 1985 Philips reluctantly 
bought out most of the stake in 
Polygram held by Siemens, with 
which Philips established Poly- 
gram in 1962. That gave Philips 
90 per cent of a red ink- 
splashed company, and the par- 
ent repeatedly vowed to find a 
new partner to take over half of 
Polygram. 

None was forthcoming, but 
Polygram was pulled back into 
the black on the back of its com- 
pact disc expertise. Operating 
profits amounted to FI 119m in 
1&5. Earlier this year Philips 
bought out the remaining 10 per 
cent from Siemens. 


Sulzer tightens its share rules 


By John Wicks In Ztifdi 

SULZER BROTHERS, the Swiss 
engineering group, has intro- 
duced tighter registration re- 
strictions on its shares follow- 
ing recent heavy speculation in 
the company on the Zurich 
bourse. 

From now on holdings of 
more than L000 shares - or 0.5 
per cent of Snlxeris capital - will 
be entered into the company’s 
share register. The limit had 
been 4,000 shares until May of 
this year, when it was reduced 
to 3,000. 

This year Sulzer registered 
shares have jumped from 
SFi2,850 to SFr6.450($4£15). 
Sulzer says it has identified a 
group of private investors 
which has been carrying out 
large-scale purchases. Accord- 
ing to unconfirmed press re- 
ports, the buyers are headed by 
a finance company in southern 
Switzerland. 


Al present, no single share- 
holder holds more than 5 per 
cent in Sulzer. The actual size 
of the recent bourse purchases 
is not known, bnt the company 
believes the buying group has a 
stake of less than 10 per cent 

The actual influence of the 
new shareholdings is possibily 
less than 10 per cent since a 
large number of registered 
shares which have been bought 
have not been the subject of ap- 
plications for entry into Sup- 
er's share register. The volume 
of such floating shares is put by 
the company at about 20 per 
cent its capital. 

Sulzer is one of the few major 
Swiss companies whose entire 
capital consists of registered 
shares and non-voting articipa- 
tion certificates. Only after reg- 
istration is it possible for hold- 
ers of registered shares to 
exercise a vote. 


US bank seeks full Portuguese licence 


BY DIANA SMTTH IN LISBON 

MANUFACTURERS HANOV- 
ER, the first foreign bank to set 
□p a wholesale branch in Portu- 
gal after liberalisation of bank- 
ing legislation in 1964, has ap- 
plied to the Portuguese and US 
authorities for permission to 
change the status of its branch 
to that of a bank flolly incorpo- 
rated in PortugaL 

Its goal is to be able to offer 
shares in the incorporated bank 
on the Portuguese stock market. 

The bank bad a close rela- 
tionship with Portugal for 69 
years and in 1984-85 when six 
foreign hunks received li- 
cences. Manny Hanny won the 


race to be the first to set np 
shop in Lisbon. 

Its early start gave it a strong 
competitive edge in lucrative 
business with major Portuguese 
corporations - free, for its first 
half-year of operation, of credit 
ceilings that were eventually 
extended to all new banks. 

The bank's first year’s profit 
of Es700m ($L9m) with only one 
branch and less than 30 employ- 
ees, exceeded the profits of 
most larger Portuguese nation- 
alised hantai. This so irritated 
the authorities that they abrupt- 
ly demanded that all new banks 
increase their nrinimnni capital 


requirement by 63 per cent to 
Es2.5bn. 

The move somewhat soured 
relations between new foreign 
or private Portuguese banks 
and the authorities, who were 
accused of chan g in g the ground 
roles in mid-game without satis- 
factory explanation. 

But the new banks, whether 
Portuguese or foreign, sol- 
diered on, creating competitive 
pressures which recognisably 
improved the quality of services 
in Portuguese banking as a 
whole, and compelled authori- 
ties to deal more openly with 
bankers. 



Registration restrictions are 
Swiss companies’ most common 
weapon in the warding off of un- 
wanted share purchases, having 
originally been created mainly 
to guarantee Switzerland’s neu- 
trality before the war, and later 
to counter possible petro-dollar 
buy-outs. 

Recently, their main purpose 
has been to stop domestic take- 
over bids. There have been sev- 
eral such cases in the past year i 
or so, the most important being ! 
the successful move by the Hero 
foods group to defend itself 
against an attempt by Jacobs- 
Suchard to take control. 

Elsewhere, the Georg Fischer 
engineering group tightened up 
register entry after substantial 
purchases by Swiss investors, 
while the Usego-Trimerco retail 
concern refused registration to 
buyers acting on behalf of the 
Denner chain. 


Cur van der Klugfeghdng 
more independence 


Granville raises 
finance to 
back buyouts 

By WBUufli Dawkins In Brussels 


GRANVILLE, the small Lon- 
don-based financial services 
group, has raised Ecu 40m 
($45m) to back management 
buy-outs in continental Europe. 

The Callander Granville Eu- 
roman agement Fund, regis- 
tered in Luxembourg, aims to 
cater for what the managers be- 
lieve is the beginning of a major 
expansion in the number of 
management buy-outs and de- 
velopment capital financings. 

This will come from the 
spreading publicity accorded to 
the growing number of buy-outs 
in the UK, supported by the 
breaking up of industrial com- 
glomerates and a growing ac- 
ceptance of the role of equity fi- 
nance by family owned 
companies across Europe, ar- 
gues Granville. 

The fund’s lead investors in- 
clude institutions for eight Eu- 
ropean countries+ the UK, 
Switzerland, France, Luxem- 
bourg, Spain, Belgium, the 
Netherlands and West Ger- 
many. Granville envisages that 
fond investments will be syndi- 
cated among its shareholders as 
well as receiving capital direct- 
ly from the the fund itself. 

Qualifying companies must be 
at least four years* old and have 
taxable profits of more than 
Ecu 300,000. They mast also be 
capable of achieving a flotation 
within three to five years alter 
investment. 


CORRECTION NOTICE 
KLEINWORT BENSON FINANCE B.V. 

US $150 million Floating Rate Notes 1996 

(US SI 00,000,000 having been issued 
as the Initial and Sole Tranche) 
of 

KLEINWORT BENSON LONSDALE pic 

(which was substituted forKIeinwort Benson Finance B. V. 
as the principal debtor on 15th March 1985) 

For the six months 30th September 1987 to 31st March 1988, 
the Notes will cany a Rate of Interest of && per cent 
per annum with a Coupon Amount of US S425.73 

CkmicalBanc International Limbed 

Agent Bank 


NEVI 


A/SNEV! 

DKK 600,000,000 Floating Rate Notes due 1993 

Tranche A of DKK 300,000,000 

In accordance with the provisions of the Notes, notice is 
hereby given that, for the three months period, bth October, 
1987 to 6th January, 1988, the Notes will bear interest at the 
rate of 10.5 per cent, per annum. Coupon No. 5 will there- 
fore be payable on 6th lanuarv, 1988 at DKK 268333 per 
coupon for Notes of DKK 100,000 nominal. 

Agent Bank 

fit KANSALLiS-OSAKE-PANKKI 

London Branch 


U.S. $100,000,000 


Brierley Investments Overseas N.V. 

(Incorporated with limited Rability in the Netherlands Antilles) 

Floating Rate Notes Due 1992 
aH unconditionally and irrevocably guaranteed by 

Brierley Investments Limited 

(Incorporated with limited liability in New Zealand 

in accordance with the terms and conditions of the Notes, notice is 
hereby given, that for the interest period from October 6. 1987 to 
January 6, 1988 the Notes will carry an interest rate of 8.51%% per 
annum. The amount payable on January 6, 1988 wifl be U.S. $21754 
per U.S. $10,000 principal amount of Notes. 

By: The Chase Manhattan Bank, HA. f|Fji 

London, Agent Bank mr 

CHASE 

October 6, 1987 


VS,'-/ . '.i- 



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K. 






Bacbe Securities (UK) Inc. 

Bums Fry Lid. 

County N&tWst Securities Ltd 
Cosmo Securities I Europe)- Lid. 

Credit Suisse 

Credit Suisse Buckmasler Moore Secs 
(Incorporating Harold Rattle & Co. Lid.) 
puiwa Europe Ltd. 

Dui-lchi Europe Ltd 
DNC Securities Ltd 
Dominion Securities Inc. 

Diexel Burnham Lambert International Inc. 

The First Boston Corporation 

Coldman Sachs and Ox New \brk 

Coiu I UK) Limited 

Given we 1 1 Montagu Securities 


Henderson White Jonkins Lid. 

Hoare Covet! Int. Market Makers Ltd 
E. E Hutton & Co, Inc, 

Kleinwort Crieveson Securities Ltd. 
Madoff-Holdings Ltd. - 
McLeod fturtg War Ltd 
Merrill Lynch International & Co. 

Morgan CrenfeU Securities International Ltd. 
Morgan Stanley International ' 

New Japan Securities Europe Ltd. 

The Nikko Securities Company (Europe) Ltd. 
Nippon 1 Kangyo Kakumani (Europe) Ud- 
Nomura International Ltd. 

OrdMinettUd. 

PaineWbber International Trading 
Phillips & Drew International Trading Ltd 
Robert Fleming Securities Ltd. 


Sanyo International Ltd 

Salomon Brothers International Ltd 

Savory MOln Ltd 

Schroder Securities Ltd 

Shearaon Lehman International Inc. 

Smith New Court International Ltd 

Socwte Generate Merchant Bank PLC . 

Strauss Timbull & Ca Ltd 

Sun Hung Kai & Company Ltd 

Svenska HanduUbank PLC 

Union Bonk of Finland Ltd. 

Vickers Da Costa Ltd 
S.G. Wjrbuig. Ackrpyd Rowe & Pitman, 
Mullens Securities Ltd. 

Vtbko International (Europe) Lid 
Wbod Gundy Incorporated 
Yunaidhi International (Europe) Ltd 


By November 1st, in line with standard 
practice on the world's exchanges. The 
International Stock Exchange will begin to 
introduce fees on its SEAQ International 
service. 

The cost - £1 per day per terminal - is 
fairly no minal . 

The service - as users will know - is 
anything but. 

SEAQ International has established itself 
already as the most comprehensive and up- 
to-date information system on international 
equity prices (and the new subscription will 
enable us to develop an even wider range of 
services to users, not least in the area of 
settlement). 

SEAQ International provides an active 
liquid market, quoting real-time prices in 
over 650 of the world’s leading equities, 
continually updated by the 48 global 
securities houses listed below 

It comprises the biggest non- 
domestic market in a whole range of 
major Japanese and European stocks. 


For example in the Japanese sector 21 
major firms are making a continuous two- 
way market in such shares as Fuji, Canon and 
Hitachi between 9.00 a.m. and 3.30 p.m. 

There’s always a two-way price during 
official market hours, with all market-makers 
following the Exchange’s international deal- 
ing code. 

The service is available on: 


Bridge Data 
NASDAQ 

(for example see page XXCN/Q) 
(for example see page LL CN) 

Reuters 

(for example see page ELEQ) 

Tfelekurs 

(for example see page PL) 

Tbpic 

(see page 800) 


ADP, Quick and Quotron are soon to 
be added. 

Tb ensure that you continue to receive 
this unique picture of the international 
equity markets after November 1st, contact 
your quote vendor 

And if you’d like more information on 
SEAQ International, simply send us the 
coupon. 


n T 



I Contact: The International Markets Department, The International Stock Exchange, | 

| London EC2N 1HR Telephone: 01-588 2355. 1 

j Please send me more information on SEAQ International. 

• Name — — — Position : — 

j Company. — 

I Address, 


I 

I 

Telephone No. 


tcode. 


THE 

— INTERNATIONAL 
STOCK EXCHANGE 







Financial Times Tuesday Oemher 6 1^S7 


2« 


INTERNATIONAL CAPITAL MARKETS & COMPANIES 


David Lascelles on a ground-breaking move by a Japanese bank 

Fuji chooses London to expand 


NEW GROUND was broken in 
the international expansion of 
Japanese banking last week 
wben Fuji Bank obtained a list- 
ing Tor its shares on the London 
Stock Exchange. This was the 
first time that a Japanese bank 
has gone to a major foreign 
stock market, though several 
large Japanese industrial com- 
panies have already taken that 
step. 

Ur Toru Kusukawa, deputy 
president of Fuji Bank, who 
came to London to mark the 
event said: *We had been ask- 
ing ourselves whether a Tokyo 
listing was sufficient, now that 
we are expanding abroad.' He 
said London was "a more natu- 
ral choice* than New York be- 
cause it is an international mar- 
ket and Japanese shares are 
more actively traded there than 
in the US. 

There is also an element of 
reciprocity in the listing. Sever- 
al UK banks including Barclays, 
National Westminster and Stan- 
dard Chartered, have recently 
obtained listings in Tokyo and 
the Japanese were under some 
pressure to repay the compli- 
ment, given the strains that 
have plagued UK-Japanese re- 
lations in the last year or two. 
Other Japanese banks are now 
expected to seek listings in Lon- 
don as welL 

Fuji is the third largest bank 
in Japan, and also the third lar- 
gest in the world. In the year 
ending March 31 it earned 
YlOlbn f$693m) op from Y72bn 
($494m) the year before. Its total 


assets at the end of March were 
Y37,350bn ($2SfibnX The fact 
that it obtained the London list- 
ing before its high-profile rival 
Sumitomo Bank, surprised 
some people bat Fuji has em- 
barked on a Arm course of over- 
seas expansion which it now 
wants to highlight. 

The listing, which was ar- 
ranged by Klelnwort Benson, 
the merchant bank, comes at a 
time when the finances of Japa- 
nese banks are under some 
pressure. The moves launched 
earlier this year by internation- 
al bank regulators to create 
worldwide capital adequacy 
standards are gaining momen- 
tum and this will oblige Japa- 
nese banks to seek fresh re- 
sources to boost their capital 
ratios. Mr Kusukawa said that 
capital has become "a touchy 
matter* but he added that "we 
are keen to abide by the inter- 
national rules." 

Although Japanese banks are 
now raising more capital on 
their home markets and 
through convertible Issues on 
the international markets, Mr 
Kusukawa said that Fuji had no 
immediate plans to tap the Lon- 
don equity market But this 
could not be ruled out in the fu- 
ture. He expected that the new 
international capital rules 
would be phased In so that 
banks have time to adjust their 
capital ratios. 

There is also the question of 
how Japanese banks will re- 
spond to moves by US and Euro- 
pean banks to make large addi- 


tional provisions against their 
Third World loans. Although 
Japanese banks do not have tie 
same measure of exposure to 
less developed countries, their 
provisions are well below the 30 
per cent norm that seems to be 



Toro Kusukawa: keen to abide by 
international roles 

gaining favour internationally. 
Mr Kusukawa pot them at 5 per 
cent 

Japanese bankers say that 
they are willing to make larger 
provisions provided they 
obtain tax relief but this issue 
has not yet been resolved with- 
in the Ministry of Finance. Ac- 


cording to Hr Kusukawa, a 
move to 10 per cent might be the 
first step. 

Another factor bearing on 
Japanese bank performance is 
the liberalisation of the domes- 
tic financial markets and the 
move towards free market inter- 
est rates. This is squeezing bank 
mar gin c and forcing banks to 
seek ont new sources of profit 
and to cut costs. Fuji itself ex- 
pects to make substantial 
savings on its domestic 
operations with a new computer 
system due to start up next year. 

The combination of higher 
capital costs and reduced mar- 
gins will be "a burden,* Mr Kn- 
sukawa concedes. But be hopes 
that the Japanese banks’ in- 
creased concentration on prof- 
itability will blunt the frequent- 
ly voiced accusations of foreign 
bankers that they are only inter- 
ested in growing their assets. 
"The old structure is being de- 
stroyed. Now we have to think 
twice before we expand.' 

Fuji’s international expan- 
sion will be mainly in the direc- 
tion of corporate tending end 
capital markets, Mr Kusukawa 
said. His bank is not interested 
in either retail banking over- 
seas or in developing sovereign 
lending business any further. 

Nor are there any big acquisi- 
tions on the cards. Fuji’s only 
significant foreign acquisition 
to date, Heller Group, the US fi- 
nance company, was a painful 
experience which cost a lot to 
pnt right But it is now mating 
money again. 


Tokyo city banks told to 
restrain non-yen lending 


BY OUR FMANCIAL STAFF 

THE BANK of Japan has asked 
Japanese city banks to restrain 
their non-yen lending, in addi- 
tion to a recent move designed 
to dampen excessive yen lend- 
ing, as part of a policy of cau- 
tion toward inflationary poten- 
tial in the Japanese economy. 

The central bank has been 
asking city banks for prudent 
yen lending since the beginning 
of this year, according to Bank 
of Japan officials. The central 
bank recently asked city hank* 
to be prudent in non-yen lend- 
ing as well as yen lending from 
October to December. 

The pleas for prudence re- 
flected concern over rising 
prices of construction materials 
in Japan and double-digit year- 
on-year money supply growth 


since May. However, the central 
bank says that it does not expect 
a sudden increase in inflation. 

Non-yen lending by banks has 
been rising steadily in reaction 
to the Bank of Japan's^ move 

The Bank of Japan had previ- 
ously decided to ask city banks, 
trust banks and long-term banks 
to make limit**! year-on-year In- 
creases or to decrease yen lend- 
ing in October to December. 

The city banks are pl anning 
an average 3.6 per cent year-on- 
year rise in yen lending for Oc- 
tober to December while the 
trust banks are planning an 
average 3.2 per cent year-on- 
year increase in yen lending for 
the same period. The long-term 
banks, however, are planning to 
cut yen lending by 25 per cent 


Zurich SE starts trading 
in leading foreign shares 


BY JOHN WICKS IN ZURICH 

The ZURICH stock exchange 
yesterday started permanent 
trading in leading foreign 
shares. With the exception of 
two interruptions during busi- 
ness in US equities, a list of 14 
shares - 13 European compa- 
nies, plus Anglo American- wUl 
be dealt in from 10.15am *md 
L 15pm daily. 

This extension of trading 
hours is being implemented on 
a trial basis and Is intended pri- 
marily to stop Zurich from los- 
ing business to other interna- 
tional financial centres, though 
also to Basle and Geneva. 

The exchange continues to 
suffer from lack of space but 
this should improve with the in- 
troduction of computer assisted 
trading 


Meanwhile, a new form of cov- 
ered ' warrant has been an- 
nounced for trading 

This is Switzerland's first *all 
industry option." Launched by 
BZ Bank Zuerich, which pio- 
neered covered warrants in 
Switzerland late last year, it 
consists of the Issue of some 
120,000 two-year warrants at a 
unit price of SFI775. Ten of 
these will entitle the bolder to a 
basket of shares in Swiss phar- 
maceutical companies. 

The basket, priced at 
SFr59,000 would consist of 
three registered shares of San- 
doz, nine of Ciba-Geigy and one 
so-called "baby Roche" - certifi- 
cates equal to one-tenth of a 
bearer share of F Hoffln&nn-lx 
Roche. 


Which international investment 
bank serves you best in 
yen finance? 


1 


The Industrial Bank of 
Japan. It’s only logicaL 
All around the world, 
wherever you find the IBJ 
Group you find expertise 
in yen finance. As a leader 
(some say the leader) in the 
Japanese capital market, ;j 
no one Is more qualified 
or better able to meet your 
yen-related financing needs 
the way we do. 

Precisely because IBJ 
delivers a full spectrum of 
investment banking services 
worldwide, you’ll find that 
the international capital 
markets are just a little bit 
closer and a lot more acces- 
sible than you probably ever 
imagined. 

Experience and depth 
A major Euro-yen bond under- 
writer. IBJ is also Japan's 
foremost lead-commissioned 
bank for samurai bonds, as well 
as a top lead-arranger for private 
placements and a primary source 
of yen and Euro-yen loans. 

Thlk about connections 
Close associations with over 90% 
of Japan's top 200 companies — 
the laigest coverage among 



Japanese banks. You can rely on 
IBJ for comprehensive Joint- 
venture and M&A consulting 
services. 

Meeting your capital needs 
IBJ will continue to seek out and 
develop new financial techniques 
and instruments to help you raise 
funds more efficiently and to stay 
ahead of ever-changing financial 
requirements. 


Leadership In Japan. Investment Banking Wforhtwtde 



INDUSTRIAL BANK OF JAPAN 


Heed Office: 3-3, MrawcH 1-choTO Chbadfrhu Tokyo Ptonp: (031 814 -W* Tgfe*; JS32S 
Owiw IIiUdfti FrancfacMHowKO'VAtligitonwaa r ilnBl on nh'onioraa^^ 

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Sringhd/Ouangriicu/Pattoi/ S i tin eir/Medioiriirt n art fi 


Japanese 
to review 
insider 
trading law 

By Stefan Wagstyi In Tokyo 


THE JAPANESE Ministry of 
Finance is to cany rat a re- 
view of Japan's Insider trading 
regulations following rumours 
that investors with buMe 

knowledge sold shares in Tate- 
bo Chemical Industries, imme- 
diately before the company 1 
month revealed huge bond 
dealing lonnf it 
The ministry's study could 

lead to changes in the post-war 
Securities and Rrrhangw Act, 
which forbids the executives 
and leading mqjor sharehold- 
ers of a company, as well as se- 
curities companies and their 
staff from unfair ly taking ad- 
vantage of their fcaontedge. 

However, some foreign secu- 
rities traders and bankers said 
the MoFs move was unlikely to 
produce any substantial revi- 
sions of the law. The close 
links between Japanese indus- 
trial groups, banks and securi- 
ties companies made it ex- 
tremely difficult to define 

Ingj^T UI alow* rapi. 

late it, they believe. 

The MoFs move follows an 
Investigation by the Osaka 
Stock Exchange which last 
month concluded that there 
was no concrete evidence of in- 
sider trading by Investors 
close to Tatehe ^ iw,| i-«i In- 
dustries. 

Tatehe’s shares fell heavily 
after ***** company awnnim^fj 
on September 2 that it suffered 
losses of Y28bu ($19L3mJ from 
speculative dealing In bend fu- 
tures. 

Hairehfn Sege Bank, one of 
Tateho’s eight <««■*», acknowl- 
edged that it had sold its hold- 
ing of 337,060 Thteho shares on 
September 2. Bnt the hank de- 
nied that Its action amounted 
to insider dealing. 

MoF officials said yesterday 
that co nce rn abent the Tatebo 
affair had in part prompted the 
derision to launch a study of 
Insider trading law. There was 
no deadline for the completion 
of the review. 

Under the provisions of arti- 
cles 56, 58, and 189 of the Secu- 
rities and Exchange Act, peo- 
ple convicted of insider 
dealing free op to three years 
In jail or a fine of up to 
¥300,906. But BO one has ever 
been prosecuted. 

Mr Yoohihike Yorfiino. vice 
MintQw of Finance, has said 
that the interpretation and def- 
inition of the law is not neces- 
sarily clear enough. 

But foreign stockbrokers in 
Tokyo say the law only. 
the fact that links between 
Japanese companies are them- 
selves often poorly defined - 
even when they are very close. 

MoF officials say. that even: 
before the Trteho affair they 
had been tiyiag to raise the in- 
dustry's self-regulatory stan- 
dards by writing to securities 
companies to persuade them to! 
tighten and enforce In-house 
regulations. 

These officials are fully 
aware of the steps taken in the 
US and, more recently the UK, 
to prevent insider trading. Bat 
the issue is not one which 
raises any moral Ind i gn ati on 
in Tokyo. One diplomat said: 1 
would say that the public, even . 
the well-informed public, nev- 
er worries about It. Indeed 
there is quite a substantial 
body of opinion which says 
that there is nothing wrong 
with insider trading." 

Nevertheless, foreign bro- 
kers argue that there are two 
pressures which might eventu- 
ally bring about tighter regu- 
lation. The first is the growing 
Internationalisation of the Jap- 
anese stock markets which is 
bringing into Japan more for- 
eign investors used to stricter 
regulation. 

The second pre ss ure is tike 
increasing strength of t he al- 
ready powerful *big four* Japa- 
nese securities houses - Nomu- 
ra, Daiwa, Nikko and 
Yamalehi. Some Japanese in- 
dustrial groups are said to re- 
sent the degree to which these 
four companies dominate the 
domestic equity market and no- 
cesstocapitaL 


Facility for 
business park 

By Paul Choosaright, property 


GOLDMAN SACHS Interna- 
tional has arranged a £48m fa- 
cility to fond the Humes Val- 
ley business park, near 
Reading, shortly to be devel- 
oped by Speyfaawk, the British 
property group. 

Spey hawk said yesterday 
that the financing jj the lar- 
gest put together In the UK for 
the land purchase and infra- 
structure costs of a business 
park 

The- agent bank Is Barclays 
de Zoete Wedd and fluids are 
also coming from Barclays, 
Lloyds, Credit Agricole, Bank 
of Nova Scotia, Standard Char- 
tered and Banqne Paribas Cap- 
ital Markets. 

The banks are providing a 
limited recourse facility for 
three years, but the borrower 
has the option to extend the 
duration to five years. Gold- 
man Sachs would not disclose 
the pricing, but the interest 
rate works on a sliding scale so 
that Speyhawk would pay less 
if there are pre-lettings os the 
development. 


Early price gains pared 
as profit-taking hits US 


BY GLARE PEARSON 

Thk KiiHOtmry.AP bond mar- 
ket got off to an unwontedly op- 
timistic start yesterday morning 
following reports of Japanese 
buying of US Treasury hands, 
and this encouraged the launch 
of two new issues totalling 
$270m. 

Eurodollar bonds posted ear- 
ly price gains of between % and 
V4 percentage points, shaking 
off worries about this week's 
$26bn auction of Treasury bills 
and notes. 

However, these gains were 
pared later as profit-taking hit 
the US Treasury market and 
farther rises in yen bond yields 
threatened to erode the attrac- 
tiveness of US dollar bonds. 

But Toyota Motor Finance 
(Netherlands)’* $I5Qm issue re- 
sisted the decline in the market 
and finished at around less lVk 
bid, within foes of 1% per cent 
Dealers said that this reflected 
its generous pricing and the at- 
tractions of its short, three-year 
life. 

Osaka Prefect u re’s $120m sev- 
en-year bond, on the other 
hand, was bid outside its 1% per 
cent fees at less L95 bid, under- 
lining the current lack of de- 
mand for medium-dated dollar 
bonds, dealers said. 

Toyota Motor Finance's bond, 
which is backed by a "beep well” 
agreement on the part of the 
parent company, giving it a Tri- 
ple A rating, bears a 9% per 
cent coupon and a 101.175 issue 
price. It was led by Nomura In- 
ternational. 

Osaka’s issue, led by Bank of 
Tokyo Capital Markets, carries 
a 10% per cent coupon and a 
101 Vk issue price, giving an ini- 


tial 80 basis points yield-pick up 
over the US Treasury yield 
curve. 

Elsewhere equity-linked 
bonds dominated the new is- 
sues market with a clutch of 
four deals emerging. 

The first two were convert- 
ibles for US companies, where 
tiie lead managers were taking 
the lion’s share of the issue' 
amounts. Both traded at dose to 
their par issue prices. 


INTERNATIONAL 
: BONDS 


Salomon Brothers Interna- 
tional led a 0100m 15-year bond 
for Trinova, the hydraulic com- 
ponents manufacturer which 
changed its name from Libbey 
Owens Ford last year when its 
sold its glass interests to Pilk- 
ington of the UK The callable 
bond bore an indicated coupon 
of SK to 6 per cent and the con- 
version premium is expected to 
be 20 to 23 per cent 

Credit Suisse First Boston led 
a $50m 15-year issue for Facet 
Enterprises, the manufacturer 
of oil and gas filters. The indi- 
cated coupon is 7 per cent to 7M 
par cent and the conversion 
premium will be in the range 20 
per cent to 22 per cent. 

Nikko Securities led a $70m 
convertible for witarfii 
the Japanese magnetic tape . 
manufacturer. The par-priced 
bond has a 15Vk-year life and an 
indicated 1% per cent coupon. 
Yesterday afternoon it was 
trading at around less % bid, al- 
though dealers said it had been 


Local Index futures for Simex 


THE SINGAPORE Interna- 
tional Monetary Exchange 
(Simex) and the Stock Ex- 
change of Singapore (SES) 
have agreed to trade in a local 
stock index fa tores contract. 
Renter reports from Singapore. 

Simex is expected to start 
trading in the contract during 
the second half of 1S6& SES 


will grant Simex the right to 
use a Singapore stock index, 
which will be compiled and 
maintained by SES, for trad- 
ing in the futures contract 
Simex has not yet decided 
which stock index to use. 
There are 10 stock indices of 
the local market, including 
the widely watched Straits 
Times Industrial Index. 


as high as less V* earlier In the 
day. 

Nomura International led a 
5 100m five-year equity warrants 
bond for Taka-Q, a Japanese 
manufacturer of mens’ suits, 
The par-priced deal, with an in- 
dicated 3 V& per cent coupon, 
traded at about less 3 bid, which 
is Vfc point lower than its fees. 

The Bundesbank announced 
that the new DM4bn Federal 
government bond would haven 
10-year life, a per cent cou- 
pon and a 99% issue price. The 
terms were in line with market 
expectations. 

The bond met a firm recep- 
tion and dealers said it was the 
first recent government bond to 
meet strong demand from do- 
mestic investors, partly attrib- 
utable to the fact that, at issue 
price, its yield is only about 10 
basis points below those of 
bank bonds of comparable ma- 
turity. 

The success of the issue 
helped both the domestic and 
D-Mark Eurobond markets to 
close with prices about 10 basis 
points firmer, though trading 
was quiet. 

A D Ml 00m equity warrants 
bond for Leykam Maerataler, the 
Austrian paper and pulp manu- 
facturer. which was launched 
Last week, traded yesterday at 
around 159 bid, compared with 
a 125 issue price. 

In Switzerland, prices closed 
easier with large price falls 
among some issues. A SFrllOm 
4% per cent issue for Qantas 
dropped by Ilk points to 93 Vi. 

Late in the day. Credit Suisse 
announced a SFrl50m issue for 
the Inter-American Develop- 
ment Bank split into two equal 
portions. The eight-year bond 
carries a 514 per cent coupon, 
while that on the 10-year issue 
is 5% per cent Both are priced 
at par. 

Today, Credit Suisse is expec- 
ted to launch a SFrlOOm con- 
vertible bond for National 
House Industrial, the Japanese 
house-builder. The issue is 
thought to be the first convert- 
ible with a zero coupon to be 
offered in the Swiss market 


FT INTERNATIONAL BOND SERVICE 


Listed ant tin latest In t er nati o na l bonds for nted> there fa an adequate secondary marto- 


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150 91% 91% 40% -0% 9X0 

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300 94% 95% -0% -0% 9.84 

300 90% 91% 40% 4% 9.67 

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140 97% 98% +0% -1 1075 

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150 104% 105% 40% -0% 1020 
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300 90% 91% 40% 4 1052 

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60 92% 92% -0% -0% 622 

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STREAM lwanutoiHL^ D«a uppitM Ur OATfc 




Kinundlil Times Tuesday October 6 14X7 

TECHNOLOGY 


29 




HE IMPETUS for the multi-purpose 
telephone system known as tne inte- 
grated services digital network may be 
shifting from Europe. where the idea 

originated, to the US, where market 

forces are encouraging its implementation, ac- 
cording to industry executives and analysts. 

"For a long time, the technolo- 
gy was driving the market Now 
we're seeing, it slip around,* 
says Sean white, president of 
Northern Business Information, 
a telecommunications market 
research company in New York. 

He adds: 'Demand is leading 
the capability of anybody to de- 
liver, and thin is happening 
most strongly in the US.* 

Kart Frensch, director of mar- 
keting for Public Switching 
Systems at Siemens in Munich, 
concedes that~tbe futuristic net- 
work, called ISDN for short. Is 
ahead in the US," al- 
he does not think it has 
sn Europe yet 

White notes that the 
Americans are still struggling 
to iron out such specifics as the 
numbering system (ISDN re- 
quires more telephone num- 
bers) and how much to charge 
for the service. 

ISDN is a concept for using 
the exiting telephone system to 
greater advantage - for more 
than just talking. The same 
phone lines used for voice com- 
munication would be made to 
do non-voice work as well: to 


The 
impetus 
for a swift 
introduction 
of integrated 
services over 
digital telephone 
networks is being 
wrested from Europe’s 
grasp by the strong market 
forces at play in America, 
reports Jane Rippeteau 



US snatches ISDN initiative 


Temporarily, the British ser- 
vice is operating on a slightly 
different, lower-volume stan- 
dard than similar services in 
trials elsewhere, because It be- 
gan before world' standards 
were set 

The French telecommunica- 
tions company is also offering a 
new -service, and in West Ger- 
many, the Bundespost is run- 
ning field trials in Mannheim 
and Stuttgart. 

At a forthcoming telecommu- 
nications exhibition in Geneva, 


Real demand 
so far has 
come from 
business users 


[ to prime 

er-run network management 
features such as call -forward- 
ing, automated billing, or ac- 
cess to databases. 

The US market research com- 
pany, Data quest of San Jose, 
California estimates that in 
telecommunications equipment 
and services sold, the ISDN-re- 
lated market will boom from 
$370m next year to a value of 

$5u2bn by,199L 

Not everyone agrees that the 
US is very for ahead in ISDN. In 
the UK, British Telecom al- 
ready offers a pilot commercial 
ISDN product It has 38 large- 

company customers using 90 

ISDN tines, with orders for 80 
more lines. Customers pay a 

£500 to £500 connection fee and 

over £500 In annual rental 
charges, depending on services 
used, according to Colin Ram, a 

marketing officer for BTs ISDN 

service, called Integrated Digi- 
tal Access. In addition, the user 
pays regular line usage charges. 


Siemens, the West German elec- 
tronics group, will have on show 
one of its flagship local ex- 
changes (called a central office 
switch in the US) that 
equipped with 

demonstration, it will link the 
exhibition stands of a dozen 
companies through the public 
phone network. 


to private service and equip- 
ment suppliers. And a US stan- 
dards -setting body made a 
pre-emptive move Last year to 
set a key standard for the net- 
work so that equipment made 
by different manufacturers 
would be compatible. 

Through an industry commit- 
tee accredited by the American 
National Standards Institute, 
the Americans "pushed through 
a de fecto standard. It is spread- 
ing all over the world,' says Curt 
Bergstrom, product marketing 
engineer for ISDN products at 
Intel Semiconductor, the Mu- 
nich-based unit of the US chip 
maker Intel Corp. 

A European standards body, 
the . Co mite Cons ul tatif Interna- 
tional po ur Tele graphic et Tele- 
phone (CCITT), had earlier set 
rules for the basic network, but 
had not done so for equipment 
connecting subscriber lines to 
local exchanges. "That was a re- 
al blocker' adds Bergstrom. 
"Now it looks like it will be a da 
fecto standard set by industry.' 


eo or coding, ISDN promises a 
single 'digital highway* that 
would carry all such communi- 
cations. And it would run them 
across the phone network al- 
ready in place around the 
world, with no need to lay addi- 
tional wiring in offices. 

"People want the ability to do 
simnltaneons voice and data 
transmission to each desk and 
without disrupting the existing 
wiring,' says White. That's the 
beauty of ISDN. They can use 
the phone lines already there." 


A piecemeal 
multi-network 
approach can 
prove costly 


E 


A marketing manager on the 
phone to one of his field sales 
representatives, for instance, 

anges (called a central office 1 Although the theory ofISDN is n P sales chart date on 

litehin the US) that is special- that it will exist in the public bis desktop computer and trans- 
equipped with ISDN: Hu a telephone network available. lt to field mam even as 

the conversation took place. 
And the transmission would 
travel over the minting public 
network. 

In addition to such new ser- 

vices, ISDN brings the power of 
the computer to communica- 
tions traffic. This means that 
the information can be man- 


telephone network available, 
eventually, to everyone, the real 
demand so far has come only 
from business users willing to 
pay for iL 

Many of them, from the For- 

tune 500 down to small compa- 
nies, already have such services 
as facsimile and telex transmis- 

sion, local-area networks link- 
ing computers and feature-rich 
internal telephone systems 
Several factors are at work in> known a s p rivate branch ex- 
America. There is demand from changes (PBXV But this piece- 
business users for the kiwd« of meal, multi- network approach 
fractions ISDN provides. The can be costly, 
deregulated Bell telephone op- 
erating companies in the US see Because it uses the digital Ian* 

the new technology as a way to guage of the computer for all 
recoup profiteblelmsinesa lost traffic, whether voice, d at a, vkl- 


However, White points out 
that in the' US -the American 
Telephone & Telegraph Co. will 
soon be offering ISDN on its 
long-distance network. That, 
will be the first commercial) 
ISDN in a big way,* he says. 


stored for off-peak trana- 

sion, pushed to the front of 

the queue for priority, or jazzed 

up with features such as call 
forwarding, conferencing and 
billing. 

Such special services and fea- 

tures command a tidy premium, 
and it is this market which is 

feeling the aggressiveness of 

the Bell companies; they want 


to be able to offer this lucrative 
frnctionality to their business 
customers. 

Special call features have tra- 
ditionally been available 
through a mechanism in the 
central office switch called 
Centrex. But with the advent of 
the PBX market, which brought 
highly-featured phone capabili- 
ty onto the business users’ 
i remises, the Bell companies 
loosing business to out- 
side equipment suppliers. 

Now the Bell companies are 
requiring that switch suppliers 

E rovide the even more versatile 
SDN capability within the Cen- 
trex framework European 
switch makers w; 
to the world 
muni cations 
modify their products to com- 
ply. 

"With Centrex with ISDN, we 
are able to offer more advan- 
tages and features - and city- 
wide and country-wide,' not just 
on the site of the PBX-equipped 
office, says Frensch of Siemens, 
whose company also sells ISDN 
PBXs. 

Frensch says he has several of 
his EWSD central office, 
switches in ISDN field trials at 

locations of five of the seven re- 

gional Bell companies. ISDN Is 
a very interesting means for the 
Bell companies to compete. It is 
a way to fight back' 

The US atmosphere was evi- 

dent at an industry conference 
in Phoenix last lurch, recalls 

Bergstrom of "What im- 

pressed us all was the amount 
of ready-to-go ISDN equipment 

on display. You left feeling 
there was a critical mass, that 

so mnch money had been in- 

vested in ISDN there was no 
doubt It would happen.* 


How the future of 
ice cream is being 
reshaped by Wall’s 


BY DOHA MBDLAND 

THE MAKING of ice cream has 
come a long way since the 
fourth century BC, when Alex- 
ander the Great is credited with 
dreaming up the first ice-lolly, 
during his campaigns in Asia 
Minor, by asking his slaves to 
fetch snow from the mountains 
to freeze a mixture of honey and 
fruit juice. 

At Wall's new ice cream facto- 
ry in Gloucester in the UK, the 
world's largest computer-driven 
mix plant is capable of produc- 
ing 32,000 litres of ice cream per 
hour. Lollies have their place 
here as well, but concepts for 
new ice cream products are 
rather more sophisticated, re- 
quiring innovative and flexible 
technology. 

Birds Eye Wall's has a 'sub- 
stantial investment" in the re- 
search and development(R&D) 
of new products, although the 
conception of new ice creams is 
partly limited by technology al- 
ready in existence. The compa- 
ny is "unlikely to design from 
scratch a totally new manufac- 
turing system for a product 
which could carry the penalty of 
being inflexible in the future," 
says general development man- 
ager Malcolm Tait. 

Within existing economic con- 
straints, however. Wall's oper- 
ates a development team dedi- 
cated to the creation of new ice 
cream concepts, which are then 
turned into reality In a pilot 
plant at Gloucester. 

Discussions with the trade 
early in the season (and before 
too much money has been 
spent) provide important feed- 
back regarding consumer testes 
and market segmentation for 
different products, while the 
marketing division is responsi- 
ble for testing the products and 
selling them at a later stage. 

Without innovative technolo- 
gy there would be few new ice 
cream products along the lines 
of Viennetta for example - a fro- 
zen ice cream dessert aimed at 
the take-home market and 


Godfrey Davis 

' ' CONTRACT HIRE. ' 


D 


launched in 1982 with consider- 
able success. 

The Viennetta is based on a 
traditional patisserie product 
known as Mille FeuiUes. made of 
layers of pastry and cream. 
Wall's replaced the pastry with 
ice cream and the eream with 
chocolate, but maintained the 
overall effect of lavish pastry 
design. 

In 1980 a small team began 
work on the ideas behind Vien- 
netta, and patented a recognisa- 
ble new concept the following 
year. By 1982 extrusion nozzle 
technology had been added to 
the existing manufacturing pro- 
cess for ice cream "logs', mould- 
ing them into ornate and di- 
verse designs. 

The Viennetta manufacturing 
process is a flexible one, involv- 
ing the undoing of a coupling 
connection and recoupling it to 
different extrusion units in or- 
der to change the product fla- 
vour or design. 

This is a job that can take just 
half an hour, although cleaning 
the lines is a time-consuming 
process - the company spends 20 
hours a day manufacturing ice 
cream, with four hours set aside 
for cleaning the manufacturing 
equipment Vats mixing ice 
cream are cleaned steadily 
through the 24 hour period. 

By the time potential buyers 
for new products are ap- 
proached, Wall's is able to man- 
ufacture products that look like 
the original concept but there 
is not necessarily a commitment 
to large-scale manufacture at 
this Stage. 

Viennetta was given addition- 
al patent protection based on a 
photograph of the product but 
Malcolm Tait stresses that an 
unusual amount of time and ef- 
fort was spent on that particular 
development 

Market research into differ- 
ent dimensions of product ap- 
peal is an Important task for the 
development group, particular- 
ly since artificial colours were 


Company 
cars and vans 
are our 
business 

TEL: 01-950 0950 


taken out of products at the be- 
ginning or last year. 

"With totally natural colours 
it is harder to create 'eye ap- 
peal', and there is more pres- 
sure on expanding another di- 
mension. Shape is obviously 
one such dimension to visual 
appeal that we like to explore,* 

says Malcolm Tait 

In the children's market, for 
example, a Fat Frog product on 
a stick "was motivated by the 
concern to produce products 
with shapes that were more like 
the picture on the wrapper* 
says Wall's. 

Rotating extrusion nozzle 
technology is used in the manu- 
facture of the Twister, a straw- 
berry and vanilla ice cream in a 
twisted spiral shape with a 
chocolate centre. In this pro- 
cess, separate pipes come out of 
the freezers - one for each fla- 
vour - and extrude, or force 
through under pressure, the ice 
cream in its spiral shape. 

The same technology is used 
to manufacture the chocolate 
Romero, marketed as ”lhe snack 
bar with a twisL” 

The development division al- 
so scrutinises competition out- 
side the ice cream industry in 
its search for new ideas, and 
confectionery is a prime target 
In an attempt to lure chocolate 
and toffee lovers. Wall's has de- 
veloped a range of products 
such os choc bars, which use the 
same basic technology in their 
manufacture, but differ in fla- 
vour or presentation. 

There are limits on how far 
Wall’s can delve into new fla- 
vours for the same product, 
however, and this places more 
emphasis on the need for the 
development of an entirely new 
designs. 

"We normally hope to manu- 
facture one new product and 
generate sufficient volume in 
the marketplace to repay the or- 
igional investment We are not 
too keen on blue, pink and yel- 
low variations,' says John Ha- 
zelwood, site general manager 
at Gloucester. 


Massey’s answer to a more fruitful harvest 


BY GEOFFREY CHARLJSH 

FOR FARMERS, Massey Ferguson has a de- 
vice which can be fitted to its combine har- 
vesters to minimise the grain losses that oc- 
cur when the density of the crap In a field 
changes and the speed of the machine is not 
adjusted quickly enough by the operator. 

The new system automatically adjusts the 
speed of the combine so that the amount of 
crop being fed into the threshing cylinder is 


always uniform and ai the best level for maxi- 
mum grain extraction. 

The technique is to continuously measure 
the mechanical load on the cylinder and then 
use this information to control the speed. 
Tims, when the density increases, the com- 
bine will automatically slow down. Massey 
Ferguson claims that the system reacts much 
more quickly and accurately than is possible 
by manual methods. 



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October *1987 


AD these Bonds having been sold, this announce- 
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30 


UK COMPANY NEWS 


MFI buyout worth a total of £715m 


MR MALCOLM HEALEV. 
owner and founder of Hygena, 
kitchen and bedroom units 
manufacturer is to leave the 
company following Its acquisi- 
tion by MFI, furniture retailer, 
as part of Britain's largest 
management buyout, writes 
Charles Batchelor and Mike 
Smith. 

MFI is not revealing how 
much It is paying for Hygena 
hot the consideration is 
thought to be more than 
£200m. Mr Healey, who is 
thought to be emigrating to the 
US, will be taking a stake of a 

little less than 10 per cent in 
MFI Furniture Group, the 


name oT flie new company. 

Under the £715ra buyout, de- 
tails of which were announced 
yesterday following extensive 
leaks at the weekend, the sale 
of MFI will realise £505m for 
ASD A, the retailing group. 

ASDA will use £S2m to buy a 
quarter share in MFI Furni- 
ture and will use the rest for a 
stores redevelopment pro- 
gramme. It will have a director 
on the new company's board. „ 

The MFI buyout has been 
conservatively financed with 
£lMn of equity carrying 
£485m of seemed lending from 
a consortium headed by Chem- 
ical Bank. An additional 


QOudtfiu of working capital 
will be provided fay the same 
consortium. 

MFI *8 interest burden In its 
early years will be eased by an 

agreement for £155m of the 
debt to be Interest free for the 
first year and £50m to carry no 
interest for three years. 

Chemical bank will receive a 
5 per cent stake as payment for 
the provision of the interest- 
free loans. A5DA will pay 
£S2m to retain a 25 per cent 
stake and a team of City insti- 
tutions, comprising Charter- 
house, CIN Industrial Invest- 
ments, Citicorp Venture 
Capital, Globe Investment 


Trust and MJH Nightingale 
will hold the re maining 70 per 
cent Any increase in the man- 
agemeut stake will be clawed 
back from the other sharehold- 
ers. 

The buyout is unusual in the 
number of managers involved. 
A Mai of 350 axe part, 
ranging from store managers 
putting up £200 to Mr Derek 
Hunt, chairman, who Is buying 
£86,666 worth of shares. 

The managers will start with 
a guaranteed 3 per cent stake 
rising to 10 per cent if they 
achieve their targets and up to 
20 per cent or more if the tar- 
gets are exceeded. This tech- 


nique, known as a ratchet, ties 
the rewards of the flotation 
more closely to performance. 

The managers’ stake will de- 
pend on the valuation of MFI 
when it seeks a stock market 
listing in about three years 
time though Hr Hunt refosed 
to say what the target capitalis- 
ation value was. 

MFI, the largest eut-of-tewu 
retail furniture store T-faa fry in 
the UK, made profits before tax 
of £4&5m on sales of £42IL5m 
in the year to May 1007. Net 

tangible assets were £U4m. 

In the year to June 27, Hy- 
gena made EStAm on £122m of 
sales. 


Charles Batchelor and Mike Smith consider MFl’s record buy-out 

Uphill struggle to improve in flat market 


IT TOOK SOME explaining but 
the City was yesterday coining 
round to the view that the big- 
gest management buyout inBri- 
tish history had more merit for 
ASDA, the principal seller, 
than was at first apparent 

The deal had immediately ob- 
vious attractions for the other 
two major players in the deal. 
Charterhouse, the merchant 
bank which arranged it, must 
move a few places In the man- 
agement buyout reputation 
stakes as a result and MFI 
seems to have regained its inde- 
pendence at a reasonable price, 
as well as taking control of Hy- 
gena, its highly-profitable prin- 
cipal supplier. 

ASDA was clearly going to 
pay a price for the failure of its 
disastrous two-year marriage 
with MFI but many analysts 
were, expecting the price to 
come at least within £50m of the 
£615m it paid for the fozniture 
retailer in April 1985, not the 
£505m it received. 

Mr John Hardman, ASDA 
managing director, said yester- 
day that the expectations had 
been unrealistic given flat con- 
ditio ns in the farniture market 
and MFTs dull performance. He 
was also pointing to the poten- 
tial of ASDApiddng np a quar- 
ter share in MFI Furniture, as 
the new group will be called. 

ASDA believes that the £52m 
It is paying for the 25 per cent is 
a sound investment which con Id 
triple in value by the time MFI 
returns to the Stock Market in 
two to three years time. Togeth- 
er with the quarter share it will 
get of the new group’s profits 
would more than compensate 
for the interest it is foregoing in 
getting a lower selling price 
than observers had expected, it 
argues. 

The argument, of coarse, pats 
a lot of faith in MFL the profits 



Derek Hunt, left, chairman and chief executive, MFI Farniture 
Group, and John O’Connell, managing director of MFI and joint 
managing director of Hygena 


record of which in the past 
three years has failed to inspire 
and is a major reason why AS- 
DA-MFI shares so poorly under- 
perforiued those of the group's 
rivals. What is so different now? 

Mr Derek Hunt, MFI chair- 
man.is quite frank in admitting 
the recent failures of the com- 
pany. "We have to be truthful," 
he says. The market place 
changed and we did not keep 
pace with It We are now quite 
clear that the consumer de- 
mands more stylish and qualita- 
tive products and is prepared to 
pay for it" 

According to Mr Steve Old- 
field, analyst at Smith New 
Court MFI has started to do 
what it should have done sever- 
al years ago, emphasising the 
quality rather than the cheap- 
ness of its products in its adver- 
tising The quality has im- 
proved, he says, but MFI has to 
get the message across. 


And MFI is expanding Into ar- 
eas such as bathroom furniture, 
lighting and carpets with the 
aim of providing a complete 
home famishing service. It al- 
ready claims 40 per cent of the 
bedroom farniture market and 
more than 20 per cent of kitchen 
furniture but believes these can 
be improved MFI will also ben- 
efit from a heavy stores expan- 
sion programme which alma to 
add 500,000 sq ft per annum to 
sales space. 

The purchase of Hygena, 
which makes kitchen and bed- 
room units, will cause some 
concern in the City abont the 
basic differences in retailing 
and manufacturing cultures. 
Most analysts yesterday, were, 
however stressing the positive 
sides of the deal 

Hygena has an excellent re- 
cord. Founded eleven years ago 
in 1976 by Mr Malcolm Healey, 
who is now leaving, the compa- 


1981 83 85 

year end May 


ny made pre-tax profits of 
£20.4m on sales of Cl 22m last 
year, maMwg it one of the most 
cost effective farniture manu- 
facturers in the country, and in 
June had net tangible assets of 
£35.7m. 

MFI Furniture still faces an 
uphill struggle if it is to achieve 
its ambitious aims. The furni- 
ture market remains flat, as it 
freely admits. Harris Qneen- 
sway and Magnet have experi- 
enced problems in recent 
months and they will he fi ghting 
tooth and nail for market share. 

In spite of reservations about 
yesterday’s deal, the market 
generally breathed a sigh of re- 
lief that MFI was finally on its 
way and shares in ASDA rose lp 

to208pu 

Following the disposal ASDA 
will have cash of about £330m 
and it stands to net another 
£115m to £120m with the immi- 
nent sale of Allied Carpets. To* 




BHF-BANK, 

Germany's merchant bank, 
is pleased to announce the opening 
in London of a full service branch 


as well as 


BHF Capital Markets Ltd., 
a wholly-owned investment banking 

subsidiary. 


BHF-BANK 
London Branch . : 

Burkhard Frankenberger, Werner Hanger, General Managers 
67, Queen Street, London EC4R 1AE 
Telephone: (07) 329 4088 
Telex: 919386/7 BHFLB G 

BHF Capital Markets Ltd.: 

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Telephone: (01) 329 4168 
Telex: 919385 BHFCMG 


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tal year-end cash should be 
about £250m. 

Now free to concentrate on Its 
core businesses, ASDA plans to 
use the funds In its £lbn invest- 
ment programme over the next 
three years. This will see the 
opening of another 34 super- 
stores and a farther increase in 
choice available to customers 

The company says that the ef- 
fect of the MFI deal on pre-tax 
profits this year will be broadly 
neutral and in fa tore years it 
would probably be positive. 
Some analysts were, however, 
downgrading their forecasts for 
next year with forecasts being 
about £245m. 

The MFI buy-out is four times 
larger than the previous record 
deal, the £173m purchase of 
Lawson Mardon, the packaging 
arm of BAT Industries, in 1985. 
It reflects the increasing so- 
phistication and the growing 
rands available in the UK buy- 
out market Management buy- 
outs have been growing In popu- 
larity in recent deals as manag- 
ers have become aware of the 
possibility of owning as well as 
running the businesses for 
which they work. Innovative fin- 
ancing techniques and a greater 
willingness on the part of the 
banks to finance such deals 
helped push buy-out activity to 
new highs In the first nine 
months of 1987. Before the MFI 
buy-out, IS deals worth £L38bn 
had been completed In the first 
nine months of this year com- 
pared with 261 worth £L2bn in 
the whole of 196a 

This buyout confirms Char- 
terhouse's position as a leading 
deal-maker in the field. It was 
Charterhouse which master- 
minded the £310m purchase of 
the British chain of Woolwoxth. 
■tores Dunn their American par-' 
ent company by an outside man- 
agement team in 1982. 


Owners 

Abroad 


sold 


Mr John Ferriday and Mr 
Richard Smith, two Midlands- 
based businessmen, have sold 
their combined 5.6 per cent 
holding in Owners Abroad, the 
tear operator and airline seat 
broker. 

The two men announced in 
early that they had acquired 
tiie stake in a personal capaci- 
ty and would be contacting Mr 
Howard Klein, chairman ef 
Owners, with a view to talks. 
The two are directors of Eagle 
Trust, the groap formed out of 
a three-way merger of Audi- 
otrenic Holdings, Midland City 
Partnership MBcholl So- 
m ers. 

NY funds raise 
Lonrbo stake 

fands’lxra increased its hold- 
ing in Lonrho fay 3m shares to 
a total of 26.73m, equal to 7J7 
per cent of the ordinary capi- 
tal. 

Mutual shares holds 17.96m 
shares. Mutual Qualified In- 
come Fund 8j05m, Mutual Bre- 
con 597,066 and the Heine 
Family Fund 121,666 shares. 
The latest purchases took 
place between September 25 
and 29. 


Equiticorp 


TbeUSpai 

corn, the New Zealand 
cial service group, for Guin- 
ness Peat Group became 
unconditional last Saturday. 
Under the terms of the Take- 
over Code, it will t he refore re- 
main open until October 17. 

Equiticorp received accep- 
tances representing 7.9 per 
cent of Guinness Peat’s equity 
taking its stake to S9JB per 
cent. 

Freshbake 

Freskbake Feeds Grenp is pay- 
ing Btm In cash and shares for 
Speciality Seafoods, which im- 
ports and exports prawns, 
scampi, squid and a variety of 
other seafood products. It 
made pre-tax profits ef 
£380,606 in the year to the end 
ef September on 86 2m turn- 
over. Net assets were £803^00. 

NORMANS GROUP has 
agreed to buy the retail division 
of Waldens Wiltshire Foods for 
£L42m. 


Financial Times Tuesday October 6 1987 

Sotheby’s Holdings 
to proceed with 
£400m share offer 


BY CLAY HARRIS 

Sotheby’s Holdings is to pro- 
ceed with a share offering this 
autumn which will give the LS 
parent of the Loudon-based 
auction group a market capital- 
isation of up to £400m. This com- 
pares with the £83m which in- 
vestors - led by Mr Alfred 
Taubman - paid in 1983 to take 
Sotheby’s private. 

Sotheby’s yesterday an- 
nounced its plans to make an 
initial public offering of 
7,208,000 shares, about 29 per 
cent of its share capital. The 
shares to be sold will come from 
existing investors, including Mr 
Taubman, and no new money 
will be raised for Sotheby’s. 

The company is seeking a 
quotation on the New York 
Stock Exchange and a fall list- 
ing in London. Trading is in- 
tended to begin in both places 
on the same day, most likely 
next month. 

The 1.5m shares which have 
been earmarked for the UK will 
not be allocated through an of- 
fer for sale. They will be placed 
by Salomon Brothers Interna- 
,tional and Laxard Brothers 
through Cazenove. 


The same three will lead an 
offering of L2m shares to inter- 
national investors, and Salomon 
will lead the US offer of more 
than 4.5m shares, the largest 
block. 

In a filing with the US Securi- 
ties and Exchange Commission, 
Sotheby's estimated the offer 
price at between $23 and $26 a 
share. At the top of the range, 
the group would have a market 
value of more than $646m (near- 
ly £400m). 

Mr Taubman will be among 
the sellers of shares, reducing 
his stake from 60 per cent He 
will, however, retain at least a 
majority. He led a "white-knight" 
rescue of Sotheby’s, which was 
under siege from two other CS 
investors. Mr Stephen Swid and 
Mr Marshal Cogan. 

Sotheby's last month reported 
turnover of £837m for the 
1386-87 auction season, a 77 per 
cent advance on sales in the 
previous year. It is the largest 
art auctioneer in the world and 
has expanded into art-related 
finance and luxury real estate 
brokerage. 


John Michael deal will 
result in cash injection 


By Rich ar d Tomlflha 

John Michael Design, the 
USM-quoted retail design con- 
sultancy which suffered a sharp 
fall in profits in the year to last 
March, has agreed a deal with a 
consortium ted by Hillsdown In- 
vestment Trust which will re- 
sult in a £L4m cash injection for 
the company. 

John Michael's shares closed 


The deal replaces one pro- 
posed last week with Capital In- 
vestment Services, a company 
which John Michael said was 
related to the USM-quoted UTC 
Group, a financial services com- 
pany. This would have pro- 
duced a large CIS shareholding 
in return for a cash injection, 
but it has now been dropped. 


HIT, a subsidiary of Hills- 
down, the foods to Airnitore 
group, is to subscribe with the 
rest of the consortium for 2m 
new ordinary shares in John Mi- 
chael at 70p a share. Two John 
Michael directors, Mr David 
Calico tt (chairman) and Mr Ter- 
ry Moore, have also agreed to 
grant options to HIT over 2m of 
their own shares in John Mi- 
chael at the same price. 

If the proposals- were imple- 
mented in fall, the consortium 
would hold more than 39 per 
cent of John Michael’s shares. 
Hie deal is therefore subject to 
the approval of the Takeover 
Panel as well as John Michael's 
■shareholders. 


TYNDALL HOLDINGS: its re- 
cently acquired Australian fi- 
nancial services subsidiary, 
Clayton Robard, announced 
pre-tax profits of £21.4m, up 75 
per cent on 1986. with earnings 
per share up 40 per cent to 
14J)8p. The figures were in line 
with the September forecast 


VIRGIN GROUP has estab- 
lished a sponsored American 
Depository Receipt programme 
through First Boston and Bear, 
Stearns. No new shares are be- 
ing issued in connection with 
the launch of the programme. 


Tba announcement appears as a matter of record only. 



iinm 

■1 

[mull 

STC PLC 

£300,000,000 
Multiple Option Facility 


Arranger and Agent 
S. G .Warburg & Co. Ltd. 

Lead Managers 

Barclays Bank PLC Canadian Imperial R ank nf fy> rnm<° r re 

Citibank, N A. 

Credit Lyonnais, London Branch 
Lloyds Bank Pic 

National Westminster Bank Group 

Managers 

The Fuji Bank, Limited The Industrial Bank ofjapan. Limited 

Manufacturers Hanover Trust Company The Tokai Bank, Limited 

Participants 

Amsterdam-Rotterdam Bank N.V. Banque Nationale de Paris p.Lc 

Dresdner Bank Aktiengesellschaft Grindlays Bank pic 

London Branch 

The Sumitomo Bank, Limited 
Additional Tender Panel Members 


London I 

The Hongkong and Shanghai Raniqm * 
Corporation 
Midland Bank pic 


BancaCommerdalc lcdiana,tondro Branch 

Banque Beige Limited 

CIC-Union Europeenne, International etCie, 
London Branch 

Credit Suisse 
Kkrlnwort Benson Limited 
Morgan Grenfell & Co. Limited 
The Samva Bank, Limited 


Banca Narionale del Uvoro-u»don Brand, 
Bayerische Vereinsbank Aktiengesellschaft, 

CreditO I taliano-Londoa Branch 
The Dai-Ichi Kangyo Bank, Limited 
The Mitsubishi Bank, Limited 
The Saitama Bank, Ltd 
The Taiyo Kobe Bank, Limited 


S. G. Warburg & Co. Ltd. 




UK COMPANY NEWS 


Fmanc^Tiira 1987 


31 


Bibby selling part of 
US packaging operation 


BY USA WOOD 

JJBibby, the agricultural and in- 
dustrial conglomerate, plans to 
seQ Flexible Packaging, a divi- 
sion of Princeton. Packaging in 
the US, to James River, the Vir- 
ginia-based paper packaging 
group, for ?i30m cash (£80m). 

The Flexible Packaging oper- 
ation,. with annual sales . of 
about SI 50m is a major manu- 
facturer. printer and converter 
of polyethlyene packaging prod- 
ucts /or food, sanitary and In- 
dustrial packaging James River 
is a major competitor. 

For tbe year ended Septem- 
ber 27 1986 the Flexible Packag- 
ing operation . made a trading 
surplus of $11.2m and pre-tax 
profits of $&7m on net average 
assets of $65.4m. 

However, 'as announced in 
May, intense competition inpo- 
JyethJyene for the bakery mar- 
ket resulted in poor profits from 
Flexible Packaging in the six 
months to March 1967. The US 


contribution fell from £3. 5m to 
£921400 mainly because of this. 

J. Bibby said that packaging 
still remained a core activity 
and part of Bibb/s ftrture strat- 
egy. Princeton’s remaining op- 
eration. Retail Packaging, 
which markets retail paper 
bags and plastic supermarket 
sacks, is not included in the. 
transaction. Bibby said the 
business had improved its per- 
formance this yean 

Mr Bas Kardol, chairman of 
Bibby, said hehad decided to 
sell Flexible Packaging be- 
cause of the over-capacity in die 
potyethtyene . packaging indus- 
try- The offer, by James River, 
was one Bibby said it could not 
refuse.The proposed sale 
should realise an extra ordimy 
gain of some $30m after tax ana 
expenses. 

Princeton packaging was ac- 
quired by J. Bibby in April 1985 
for $24. 75m, at a discount of 


$8.5m to net assets, with some 
$32m of assumed debt James 
River is a leading US producer 
of food packaging materials in- 
cluding cartons and flexible 
packaging materials. It said it 
planned to continue all current 
operations in Flexible Packag- 
ing's five plants and to folly cap- 
italise on the business's growth 
opportunities. 

letters of intent have been 
signed on the deal. It is expec- 
ted to be completed before the 
end of the year, subject- to any 
necessary regulatory consents 
in the US. 

Last month Bibby acquired 
Nitrovit, animal feeds busi- 
nesses from Hillsdown Hold- 
ings. Bibby said yesterday it be- 
lieved there were further 
attractive acquisition opportu- 
nities and it intended to use the 
proceeds of the US sale for this 
purpose and to reduce borrow- 
ings. 


Microlease to quit USM 


BY DAVK) WALLER 

Hierdene, the company which 
specialises in leasing electronic 
equipment to predominantly 
the oil and defence sectors, yes- 
terday confirmed that it intends 
to step down from the Unlisted 
Securities Market and become a 
private company by way of a 
management buyout 

This unusual step follows Mr 
Harry Goodman's £200m buyout 
of the International Leisure 
Group earlier this year and was 
first mooted by Microlease at 
the -end. of August when the 
company announced the possi- 
bility of a. buyout at 150p a 
share, valuing ft at £5. lm. 

Mr Paul Rennie. Microlease’s 
joint managing director, said 
that the company could see no 


advantages in maintaining a 
Stock Exchange listing. Taking 
it private would preserve its in- 
terests in the long term, and 
protect it from the vulnerability 
associated with short term 
share price depression. 

This had arisen, Mr Rennie 
said, because of difficult condi- 
tions in the company’s principal 
markets. It had proved impossi- 
ble for Microlease to sustain the 
rate of profits growth that inves- 
tors had come to expect after it 
first joined the USM in 1983 - 
when trading conditions were 
relatively buoyant. 

Furthermore,- profits had re- 
cently been depressed by the 
cost of establishing a business 
in Eire - and would be more so 


as the company fulfills its plans 
to expand m Europe. . 

In the year to February 28, 
profits at Microlease fell from 
£582400 to £485400. Interim fig- 
ures published yesterday show 
that pretax profits for the half 
year to the end of August had 
fallen from £330,000 to £264400, 
on turnover up fay £0.4m to 
£2.4 hl 

Microlease shareholders will 
be offered either 150p cash, or 
preference shares in Newmir, a 
new company set up by the Ben- 
nie family for the purpose of the 
buyout. Family interests ac- 
count for 45 per cent of Micro- 
lease’s share capital and will be 
accepting the paper alternative. , 


Low oil price hits Jas Finlay 


CONTINUED slump in the oil 
services business in the North 
Sea, low oil and gas prices, and 
the poor world price of tea con- 
tinued to hit the James Finlay 
group of traders and financiers, 
and for the first half of 1967 it 
moved into loss. 

However, . the liquidity 
strength built up in the good 
years enables the directors to 
declare an unchanged interim 
dividend of 2p. 

Turnover fell from £8&28m to 


£4 02m (£3JJ7m), split as to oil 
and gas £L03m (£L19m) and ser- 
vicing £249m (£2. 08m), while 
profit contributions from other 
activities totalled aa>m, a 
drop of£3.11m. 

Banking services, finance and 
international confirming ac- 
counted for £679,000 (£720,000), 
confectionery and beverage 
manufacturing £865.000 

(£925,000), trading mannfactnr- 
and merchant! ng £L17m 
i). and plantati ons, ex- 
S3ZAm and, the trad rng prnfiL-jcla ding Bangladesh, £771,000 
excluding plantation .interests 
in Bangladesh, came- to only 
£8,000, compa r ed with £3-45m. 

With the associates increas- 
ing their share of loss to 
£123,000 (£37,000), the group 
turned in a pre-tax loss of 
£115,000, com pared with a profit 
of£3.41m- 

The directors said the overall 
trading results for the year 
would depend to a large extent 
on tea and oil prices, and also 
North Sea charter rates during 
the rest of the period. 

Oil and energy related inter- 
ests produced a heavier loss of 


• comment 


(£2.7m). -This year there was a 
net gain on disposal of invest- 
ments £4ZL0 OOl 

The year’s results would re- 
flect the company's -share of the 
profit in excess of dm arising 
from tbe acquisition by Mid- 
states Oil and the sale of 50 per 
cent of the gas processing oper- 
ation. 

After tax £823400 (£245m) 
and- minority losses £L61m 
C£LI7m\ earnings per share 
came to tt7p (2-lpX There was 
an extraordinary credit on dis- 
posal of the interest In Warden 
Roberts of£2m (£2 12m) 


Just When you think that) 

James Finlay has produced 

worst possible figures, it p"»« 
another disastrous set out ofthe | 
hat Every single division either! 
lost money, or showed reduced 
profits - although in the <■««» of] 
confectionery, at least, the 
shortfall was caused by a dis- 
posal. In the circumstances, the 
share price has performed, mi- 
raculously - at 107p, down only 
5p yesterday, it is *£11 abpye th£ 
level at which it was trading 
when last year’s finals were an- 
nounced. Then some analysts 
were lookmg for full year prof- 
its of over £10m - now £4m might 
be an optimistic target and 
there will be an extraordinary 
write-off when Lock is sold. 
Still, shareholders have the 
yield to comfort -them, and the 
hope of a takeover. Longer 
term, the tea and oil cycles 
might just coincide on the up- 
turn, as they have on the down- 
turn - after all tbe company 
made £38m pre-tax as recently 
as 1984. 


Debfor jumps 62% to £1.4m 


BY ALICE RAWSTHORN 

Debfor Holdings, manufacturer 
of lingerie and nightwear, yes- 
terday announced a 62 per cent 
increase in pre-tax profits to 
CL 4m for the six months to June 
30, on turnover which more than 
doubled to £10i4m. 

In the past year Debfor bas 
expanded into nightwear, with 
the acquisition of Halle Models, 
and into lace by buying the Bir- 
fcin Group Mr David Parker, 
chairman, said yesterday the 
group intended to make further 
acquisitions within related ar- 
eas of clothing and textiles. 
Debfor was in discussions with 
several companies and hoped, to 
make an announcement before 
the end of tbe year. 

Although Halle sported sales 


of around £5m in the interim pe- 
riod, it made a negligible con- 
tribution to profit Debfor has 
spent the nine months since the 
acquisition rationalising the 
business. 

Halle bas now withdrawn 
from leisurewear production 
and has centralised its admin- 
stration. Mr Parker said it was 
expected to make a "Signi fic ant 
contribution" to group profits 
this year. 

Biritin,- which was taken over 
since the end of the interim pe- 
riod, was also trading healthily. 
Debfor intendeds to continue 
its investment in new technolo- 
gy to improve the productivity 
of its lace making process. 

The bulk of Debtor’s own 


>wth came from sales 
of co-ordinated lingerie ranges. 
Since the beginning of tbe year 
it had won new accounts with 
the Next retail group and with 
Great Universal Stores’ mail or- 
der interests. 

In the first half, opera ting 
profits rose to £L6m (£889,000). 
Interest payable increased to 
£192,000 (£51400) - the group’s 
gearing now stands at 75 per 
cent - and Debfor paid £447400 
(£285400) in taxation. Earnings 
per share rose to lOp (7p) and 
the board proposes to pay an in- 
terim dividend of L5p (0 l6pX 

Mr Parker said that the board 1 
"looks forward with confidence 
and enthusiasm te a strong sec- 
ond halft. 


Clowes and 
Cramer 
take over 
J England 

BT RICHARD TOMKINS' 

SHARKS in the shell company 
J. England shot up from 13% 
to 188p at the close yesterday 
after it was learned that Mr Pe- 
ter Clowes and Mr Gay'Cramer 
had acquired 29.9 per cent of 
the shares and taken control of 
the board. 

Mr Clowes and Mr Cramer 
are the investment duo who 
last week narrowly won con- 
trol of Buckley’s Brewery, the 
South Wales brewer, with a 
£2SJ2m cash offer. Last year 
they also stepped into the shell 
company James Ferguson an< * 
turned it into a financial ser- 
vices group. 

Their £2.2m private invest- 
ment in J. at J25p a 

share represents the second 
time in just ever a year that an 
attempt has been made to 
transform what was previously 
a food manufacturer and dis- 
tributor. in September 1986 Mr 
Pan] Kempin and Mr John Ir- 
vine took control of the compa- 
ny and laid down plans to open 
a fashion store. 

Mr Kempin and Mr Irvine, 
like only members of the board, 
have now been replaced by Mr 
Clowes and Mr Cramer. Mr 
Clowes said yesterday that 
they had acquired their stake 
as a private investment which 
was not related to their other 
business activities. 

Mr Clowes said J. England’s 
assets comprised some proper- 
ty interests in Nottingham, a 
crisp fectory in Bristol and a 
quiche factory in Wrexham, 
North Wales. 


IBG/Barham 

• International Business Com- 
munications (Holdings) £98m 
offer for Barham has gone un- 
conditional, having received 
acceptances from holders of 
.-over 50 percent of the eqnity. 


Laura Ashley in £2. 8m purchases 


BY CLAY HARRS 

REAL men wear Laura Ashley. 
Clark Gable and John Wayne 
did not live to see the day, but 
Willis & Geiger, the US safari 
outfitter which counts them 
among its former customers, 
was bought last night by Laura 
Ashley Holdings, the British 
clothing group more associated 
with the English country house 
than the call of the wild. 

The S3m (dBm) acquisition 
from VF Corporation, the US 
textile group which makes Lee 
and Wrangler jeans, was the 
second announced yesterday fay 
Laura Ashley. It also added flo- 
ral scents to its floral prints 
with the dm purchase Penhali- 
gon’s, the London perfumier. 

Both deals reflect Laura Ash- 
ley’s intention to develop up- 
market brand names which 
have failed to reach their toll 


potential. "Both are very small, 
very special and very tradition- 
al, but haven’t been exploited 
on a worldwide scale," said Mr 
Peter Revers, president of the 
company’s US operation. 

Both at present are also only 
breaking even at best on annual 
sales of S3m at Willis & Geiger 
and £1.5m at Penhaligon s. Lau- 
ra Ashley believes they will 

benefit from its international 
retailing and distribution skills. 

Although the group intends to 
introduce new products into 
both companies, it is deter- 
mined not to dilute the brands’ 
aura of exclusivity. Choosing an 
apt metaphor for 117-year-old 
Fenbaligon’s, Mr John James, 
chief executive, said: "We want 
to spread it very thinly but very 
widely." 

Penhaligon's, sold by private 


investors, has five London 
shops. It mixes its own scents, 
which include Victorian Posy 
and Bluebell for women and 
Hammarn Bouquet for men, at a 
factory in King’s Cross. London. 

Willis A Geiger was founded 
in 1902 by a British explorer. 
Benn Willis, who needed pro- 
tective clothing for an expedi- 
tion to sub-arctic Canada. Its 

full-length flight coats were 
worn by Charles Lindbergh on 
his successful Atlantic crossing 
and by aviatrix Amelia Earhart 
on her less happy effort to cir- 
cumnavigate tbe globe. Sir Ed- 
mund Hillary wore its clothes 
On Everest 

Although the company (motto: 
"where legend lives") made its 
name through specially de- 
signed apparel for explorers, 
aviators, scientists and military 


commanders, fashion rather 
than technical innovation has 
been the main selling point in 
recent years. 

Most of its sales are made 
through other retailers, such as 
Abercrombie & Fitch, although 
Laura Ashley has separately 
bought for $750,000 all but one 
of Willis St Geiger's six recently 
launched franchise stores in 
the southeast US. 

VF bought Willis St Geiger 
two years ago. Laura Ashley had 
considering the purchase itself 
but backed off because of its im- 
minent London flotation and 
because the US company made 
no women’s clothing at that 
time. The latest sale is one of 
several dis posa ls by VF in the 
wake of its $775m acquisition of 
Blue Bell, the Wrangler group. 


Lloyds Chemists up 73% -in double buy 


BY FIONA THOMPSON 

I Lloyds Chemists, the Mid- 
lands-based retail chemist 
group, yesterday announced a 
73 percent increase in year end 
profits and two acquisitions 
which will make it the UK’s sec- 
ond largest retail chemists 
chain after Boots. 

Reporting its first ftill year re- 
sults since coining to the market 
'in November 1966, Lloyds 
showed pre-tax profits up from 
3.12m to £L93m for the 12 
'months to June 30 1987.' Sales 
increased by 47 per cent to 
|£305m against £20.7m. 

"Pre-tax profit has trebled in 
fthe past two years," said Mr Al- 
len Lloyd, chairman and manag- 
ing director. The acquisitions 
would further strengthen 
Lloyds’ trading position in the 
■Midlands and South Wales, tak- 
ing its total number of stores 
from 177 to 300. Or these, 218 
will be chemist shops and 82 
'drugstores, which' do not dis- 
pense prescriptions. 

The acquisitions are P A Bil- 
iington, which operates a chain 


of 37 chemist shops and 76 
drugstores mainly in the Mid- 
lands and South Wales, and* 
Scotts Chemists, with nine 
chemist shops and one drugs- 
tore in the Birmingham area. 

Lloyds is to pay £16.78m for 
Biliington through the issue of 
&55m new ordinary shares, and 
£L5m for Scotts by the allot- 
ment of 773495 new ordinary 
shares. 

Just under half the new 
shares, 4.18m, are being condi- 
tionally placed by Panmure 
Gordon, brokers to Lloyds, with 
institutional and other inves- 
tors at 185p a share. Existing 
Biliington and Scotts share- 
holders will be invited, pro rata 
to their holdings, to acquire 
these shares at the same price. 

To raise an additional £7.51 m 
for refurbishing the acquired 
stores and to eliminate borrow- 
ings. Lloyds proposes, on the 
basis that both acquisitions are 1 
completed, to issue a farther 
4.43m new ordinary shares, to 
existing Lloyds shareholders, at 


185p each on a 1.57- for-! basis. 
-If just Biliington was complet- 
ed. 4.10m shares would be is- 
sued. if only Scotts, the new 
shares would total 2.81m. 

In the year to March 28 1987, 
Biliington incurred a pre-tax 
loss of £265400 compared with a 
profit of £577,000 the previous 
year, partly due to continuing 
losses at Ray glow, which oper- 
ates 68 drug stores and was ac- 
quired by Biliington in 1985. 
Scotts* 1986 turnover was £1.89m 
and profit before tax was 
£42,000. 

Lloyds declared a maiden div- 
idend of 0.85p. Had the compa- 
ny been listed for the full year, 
a net dividend of L28p per 
share would have been paid. 
The tax charge was £665400. 
compared with £481.000 last 
time. Earnings per share in- 
creased by 734 per cent to 7.35o 

• comment 

Allen Lloyd bristles with con- 
fidence and well he migbL His 
company, founded just 14 years 


ago. is growing both quickly and 
confidently, prompting the City 
to forecast pre-tax profits for 
this year of between £4m and 
£5m. Apart from yesterday’s ac- 
quisitions of Biliington and 
Scotts - with current sales per 
week of £650.000 and £50,000 re- 
spectively - this year will see 
the full benefit of purchases 
made at the tail end of last. Of 
the 58 stores added last year, 60 
per cent were opened during 
the last 12 weeks of the finan- 
cial year. Last wwk s change in 
the law, limiting the opening of 
new chemist shops to those 
deemed necessary and desir- 
able. does not worry the compa- 
ny as more than 75 per cent of 
its chemists have been ac- 
quired, a policy it means to 
stick with. Leaving aside Boots* 
1020 shops, there are more than 
10400 chemist stores in the UK, 
so the scope is huge. The shares 
closed 5p up yesterday at 210p. 
The p/e is 22. justified given 
Lloyds' growth record and the 
potential in the sector. 


COMPANY NEWS IN BRIEF 


has agreed to sell the 
:h business of its subsidiary 
ock Engineering toLuK La- 
en und Kupplungsbau of 
1, West Germany , for about 

JVKHO INDUSTRIES is to 
Peter Gleave Distributors, a 
ford shire-based motor ey- 
accessory and component 
lesaler for an initial 
,000 in shares, with further 
sents possible up to a-maxi- 
iof£245m. 

; AUSTRALIA Investment 

t: Lloyds Bank SF nomi- 
have purchased a farther 
100 and now hold 2m shares 
per cent), while the Mer- 
it Navy Officers Pension 


Fund have increased their in- 
terest to 1.655m ordinary (5.61 
percent). 

BOWATHR INDUSTRIES: the 
rights issue was taken up in re- 
spect of 62.7 per cent of the, 
snares on offer and the balance, 
was sold In the market at a pre- 
mium. 

BRITANNIA SECURITY 
Group: file offer to shareholders 
was taken up in respect of 854 
per cent of the shares and the, 
balance will be returned to in-* 
vestors with which they were; 
c ondi tionally placed. 

HU RESEARCH has 
to acquire Market Research En- 
terprises for £900,000 in cash, 
and shares. 


DIVIDENDS ANNOUNCED 


-int 
.int 

-int 

a & Mason int 
d (James) —fin 


r Thomsons int 
Hldgs. 

Chemists —fin 
t Canada —int 


Date 

Current . of 
payment payment 

- 44 
2 
1 

■ 2 
5.5 

4 

0.73 
144 
2 

045t 
24 


Dec 14 
Nov 27 
Jan 5 
Dec 30 
Dec 4 
Dec 10 
Nov 11 
Dec 1 


Corres- 

ponding 

div 

4-2 

1 

0.6 
2 
■ 5 
3 

0.63 

1.4 

14 


Total Total 
for last 
year year. 

- 12.94 

4 

3.3 
4.15 
■41 

5 

14 
44 
54 


64* 


Ndv 9- 2.15 


asst 


7.45. 

Dividends shown pence per share net except where otherwise 

. — — * — * ” — 5 — *— -jerip issue. tOn capital in- 

issues. SUSM stock. §Un- 


quoted stock. 


Frank Gates higher 

Prank 6 Gates, main Ford deal- 
er, has twice been the subject of 
s bid from Giltrap, the last laps- 
ing in February this year leav- 
ing Giltrap with 314 per cent of 
Gates* capital- Because of bid 
speculation the share price will 
always have a floor under it but 
yesterday’s 5p improvement to 
209p recognised the company’s 
performance in the six months 
to June 30 1987. Pre-tax profits 
have jumped from £601400 to 
£997,000 on turnover up from 
£25. 93m to £33m. After tax of 
£349,000 (£220,000) earnings per 
25p share were 6L2p (3.6px Tire 
company makes no Interim divi- 



Mr Edward Gates, c h air man , 
said all departments have per- 
formed satisfactorily. New vehi- 
cle sales and contract hire ad- 
vanced by 98 per cent and 82 
per-cent respectivety.Used ve- 
hicle sales maintained the re- 
cent higher plateau and gained 
a farther 15 per cent. 

For the first time since 1979 
i.the company is making, a real 
net profit' on the assets em- 
ployed . on new vehicles, Mr 
Gates said. Changes in manufac- 
turers’ policies are largely re- 
sponsible for getting the trade 
out Of an excessively com] 
five rut which could not 
continued inde fi nitely. ' 

Mr Gates concluded if current 
trends continue, the company 
surely must have a record year. 


SCANDINAVIAN BANK GROUP’S 
GUIDE TO THE FINANCIAL HEART OF LONDON 


Success, they say, breeds success. Atthe 
Scandinavian Bank wete got four core businesses 

that prove it Each is a direct reflection of our . 

commitment to serving the full range of our cfientsT 
corporate and personal financial needs. 

At trie centre of our business is banking fan the 
UK and internationally. Here we have caught Britain's 
Imagination with our innwative and resourceful style. 
Backing up banking are our specialised treasury, 
capital and money market departments whose 
dedicated aim Is successful financial engineering. 

Thirty, through our Geneva subsidiary Banque 
Sc a ridh a v o an Suisse; we provide direct IWcs to the 
proven qualities of Swiss global investment 
management 

■ The fourth key business centres around our 
establishment of The Private Capital Group. Here we 
are pioneering an entirely new approach to integrated 


personal financial services. The activities embraced 
by the PCG range from residential mortgages to life 
assurance; from stock-broking to unit trust 
management, with all stops in between. 

This is the shape of Scandinavian Bank Group 
today. Each component delivering specialist solution 
seeking expertise to answer most corporate and 
personal financial requirements. One would expect no 
less from one of Britain^ largest banks. So isn’t it 
time we helped map out a new financial future for you? 



Group 21 ^ 


The art of British banking Scandinavian style. 

Scandinavian Bank Group pic, Scandinavian House, 2-6 Cannon Street London EC4M 6XX. Tel: 01-236 6090 Telex: 889093 Fax: 01-248 6612. 

InCHnMionMOfBceRBahrain.BefmiidB, Cayman Wands. Geneva, Hong Koftg. London, Los Angelas, Madrid, Melbourne, Milan, Monaco, Nevfoifc, SaoPairio. Singapore. Sydney, Toicpi,20rlcb 




Financial Times Tuesday October 6 1987 


NOTICE OF REDEMPTION 
To Hie Hotter* oi 

Borden, Inc. 

U.S. $100,000,000 

Three YearExtemf&te Notes Due 1896 

NOTICE iSHEHEBYfflVENliiBipurauaniaitlieprew a ionaofthBFaCTtAomCTA p rawiiei a 
oaiBd as of Oaotw 15. 1904 b e nran Borden. Inc. (the “Company!, ana The Chase 
Manhattan Bank (National Association), (the “FiaoU Agent!, the Company has elected to 
eaenase its option to redeem an of Itw Company's Three ^ Year Extendible fates Due 1996 (the 
“Notes! pursuant to paragraph 9 ft») of tlw Notes, on October 15, 1B67 (toe ■Redemption 
Date! at a redemption price of ioo% of me principal amount thereof (the “Redemption 
Prtce! 

On toe Redemption Date, toe Redemption Mca wilt become due and payable on the 
Notes and wiH be paid upon presentation and surrender of the Notes, together with as. 
appurtenant coupons maturing subsequent to the Redemption Date. On and after the 
Redemption Date. Interest on the Notes «NI cease to accrue. 

Coupons which shall mature on. or shea hare matured prior to. the Redemption Oats 
should be detached and presented for payment In the usual manner. 

Notes, together with aU appurtenant coupons maturing subsequent to llw Redemp ti on 
Date, should be presented and surrendered for redemption at any of the tonasHng paying 
agencies. 

The Chase Manhattan Bank, NJL 
RO. Box 440 

WDOtgate House, Ceteman Street 
London EC2P 2HD, England 

Chase Manhattan Bank, Linemtioutg, SJL Chi 
Cola Baufarerd Royal A Good fwa 

CP 240 PoattechlflS 

Luxembourg, Lmambowg 8027 Zurich, Sadbartand 

Bari l ner Handeta imd Funfcferiw Bar* Nsfertmto CredMbank. N.K 

10 SodwMoMr I ■mfsfram Huiemaachl 450 

P.O. BexMl 

Anuliritiia. The HethHarete 
IngadeCaanwn 
31/52 Ve n ue dee Arts 
1040 Bnneelt, Betgtum 


Frankfurt. AJM. 1, teal Qerewny 
SodM G&Ufatle 
29 Boulevard Hausemann 


Payment on any Note made within toe United States, hichidli 

" lad Stans dollar account maintained 


_ a payment made by 

S r toe payee with a bank in the United 

ntemal Revenue Service (IRS) and to 


transler to a United Stans dollar account metntaJned by toe . 

States, may besubjnci to reporting to toe United States Internal . 

bach up who holding of 20* if s payee falls to provide the paying agent with an executed IRS 
Form W-0 In the case of a non-U. S. person or an executed IRS R>rmW-Sln the cm of a U.S. 

person. Those holders who are required lo provide their correct taxpayer Identification 

number on IRS Form VV-9 and who tail to do so may also be subject lo an IRS penalty of U A 

$50. Accordingly, please provide all appropriate cartific&uon when presenting toe Notes 

payment 

BORDEN, MC. 

ftc The Chare Manhattan Banfc 
(MaBonsI association) 
as Fiscal Agent 

Dated- September 21. 1687 


star 


Finance for Bids and Deals. 

Finance for Property Development, Management 
Buy-Outs, PLC Takeovers, Commodity T rading and 
Financial Services. 

Fbr financing without unnecessary red tape and direct 
access to the people who will construct it, we provide 
a fast, efficient and totally discreet service; every- 
thing you’d expect from a company with forty years 
experience. Minimum £lm. 

Overseas Commodities Group 

Osprey House, 78-80 W ignore St, London WIH QAS. 

TVt 01-935 5275. Telex: 8S3979 Comodi G. 

Fas 01-935 2505 (group 3). Aak for reference GForCB 



NOTICE OF PREPAYMENT 


The \bsuda Thist and Banking Co, UcL 

(incorporated with BmBodBabORy In Japan) 

London Branch 

U.S.S20, 000,000 

Floating Rate Certificate of Deposit' 

Issued on 14 November 1963 
Maturity 16 November 1988. Callable in November t987 

Notice is hereby given In accordance with Clause 5 of toe Certificates of 
Deposit (toe ■Certificates ) that pursuant to Clauso 3 of theCertificalBS Th» 
Yluuda Trust and Banking Ca LM (Vie "Bank! wff prepay Vdi fho 
outetandtog Certificates on 18 Nowomber 1987 (the “KepaymantlMte*) at 
thaw fxmdpal amount 

Paymont of too prkitipsl amount together wrfffi accrued Merest to the 
Prepayment Date, wfl be made on too Prepayment Daw against 
praamtation and airrandar of toe CertlttoatBS at toe London Branch of The 
rasuda Trust aid Banking Ca Ltd, I Liverpool Street. London EC2M7NH. 
Interest wlceesa to accrue on (he Certificates on the Prepayment Date. 


tntarnattonsi Limited 
Bank 


James Halstead rises 
26% to near £5m 


James Halstead Group saw its 
turnover rise from £37.72m to 
£4LMm and pre-tax profit from 
£3. 93m to £4. 79m In the year 
ended June 30 1987. 

iDcreasefTof 11 and 2&5respec- 
tively. The year experienced 
"great success in tbe flooring di- 
vision and "welcome progress” 
in leisure products. 

Earnings moved ahead from 
17.3p to 22.3Sp per share. The fi- 
nal dividend la to to raise the 
total from5pto6.5p 

Halstead makes PVC floor 
coverings, carpets in broadloom 
and tile form, weatherproof and 
leisure clothing accessories, 
and tents, folding campers and 
trailer products. 

The directors said they were 
committed to continuing invest' 
meat in improved production 
and quality enhancement tech- 
nology, and the ontlook “had 
never been better*. 

Despite Increased capital in- 
vestment in the year, the 
group's liquidity remained 


strong. Net interest receivable 
surged to £132,000 (£80,000). 

Floorcoverings achieved 
turnover of £27.5m and lifted 
trading profit 22 per cent to 
£4.4hl Market share continued 
to increase in tbe face of compe- 
tition from tbe UK and over- 
seas. Volume gains were made 
in the contract, retail and ex- 
port areas. 

Further progress was made in 
lifting the performance of the 
leisure products side, with 
sales up to 04. 3m (£I3m) and 
trading profit by 20 per cent to 
£998,000. The aim In the current 
year was to continue building 
on this result, and a fru-ther im- 
provement was expected. 

•comment 

Leisure products such as Brit- 
ton counttywear for green wel- 
lle wearers add interest to 
James Halstead’s business ac- 
tivities, but this should not dis- 
tract attention from the feet that 
S3 per cent of pre-tax profits 


UK COMP ANY NEWS 

SE cancels 
Quest share 
deals after 
order hoax 


come from the floor coverings 
division, which seems destined 
to remain fer the most impor- 
tant contributor to overall re- 
sults. Higher volumes on the ex- 
isting production base enabled 
the division to maintain mar- 
gins in spite of higher raw mate- 
rial prices, and the group plans 
capital spending of £2. 5m to £3m 
over the next two years to ex- 
pand its product range and ex- 
tend its markets at home and 
overseas. If Halstead is to bring 
in the targeted increase in earn- 
ings of at least 15 per cent this 
year, this suggests another 
strong rise to around £5.7m pre- 
tax. Unfortunately, however, 
the City continues to -perceive 
the company as not only worthy, 
but dull: with no particularly 
exciting developments on the 
horizon, no acquisitions 
planned, and 40 per cent of the 
shares in friendly hands, It sees 
little reason to take the pro- 
spective price/earnings ratio 
beyond the perennially lowly 11 
at yesterday’s 285p- 


Investment lifts Hewden Stuart 


Hewden Stuart, Glasgow- 
based plant- hire group, report- 
ed interim pre-tax profits up by 
71 per cent from £4. 76m to 
£8.13in. Directors said the im- 
provement was the result of the 
heavy investment in recent 
years and stronger markets. 

Turnover for the six months to 
August 2 1987 increased by 24 
per cent to £77.29m (£8X39mX 
Earnings per lOp share came 
out at 5.64p (3.5 lp) or 4£3p 
(3.03p) fully diluted and the in- 
terim dividend is being raised 
from 0.625p to (L725p. 


In the present six months ac- 
tivity continued at a high level, 
directors said, and they expec- 
ted the results would show a 
ferther rise. However seasonal 
fectors would have an effect 
and the rate of increase was not 
expected to match the first hal£ 
Directors added that most 
sectors contributed to the ad- 
vance though there was less 
buoyancy in Scotland and the 
north of England- Price compe- 
tition remained severe even 
where demand was strong. 

Cash flow again increased 


and was sufficient to finance 
£14m of capital spending and 
pay £8m for Seymour Plant with 
only a small seasonal rise in 
borrowings. 

Trading profit was £17B3m 
(£12.6m) and the pre-tax figure 
was struck after depreciation of 
£8-05m (£6. 15m) and Interest 
payable of £L75m <£LQ9m). The 
tax charge was £2.4m (£L3m). 
minorities took £69,000 
(£145,000) and the dividend ab- 
sorbed £728,000 (£613,000) to 
leave retained profit at £4jttm 
against £2.7xn. 


Shandwick expands US side 


BY DAVID WALLER 

Shandwick, one of the world's 
largest independent public re- 
lations companies, is contin- 
uing its expansion in the US 
with the |7j7m (£L5m) acquisi- 
tion of Miller ftmmiiiHititiiiM, 
a Boston-based PR consultancy 
servicing the high technology 
sector. 

This is Shasd wick's seventh 
and largest purchase in the US 
{since it made its first move 
there last December. Pounded 
in 1977 by the epo nym ous John 


Miller - the company's current 
chairman and chief executive - 
turnover and profits have grown 
rapidly over the last five years. 

Profits have,' however, been 
restrained in recent years by 
the costs of expanding into West 
Coast markets with the opening 
of two new offices in California. 
In the year to end-October last, 
pre-tax profits were $883,000 on 
turnover of $L2m - less than file 
profit of 6869,000 achieved in 


1983-84. 

Shandwick expects synergies 
between Miller and two other 
subsidiaries which specialise in 
the high technology sector. 

The cash consideration was 
raised by the placing of new 
Shandwick shares at 785p each, 
arrived at by tender ana 5p up 
on the company’s opening price. 
The new shares represent 6J2 
cent of Shand wick's en- 
capitaL 


CU takes a majority in Fleet 


BY ERIC SHORT 

LEADING composite insurance 
group. Commercial Union As- 
surance, is expanding its UK 
leasing investment activities by 
taking a majority stake in Fleet 
Motor Management Group, 
based in St Neots, Cambridge- 
shire. 

The total consideration will 
be based on EMM’S pre-tax prof- 
its over the period to July 1989. 
However, an initial payment of 
£2m will be made, partly satis- 
fied by the issue of 53JH0 shares 
ofCU. 

FMM was formed In 1981 by 
Roger Macey and David Ford 
and provides vehicle manage- 
ment services to the corporate 
and public sectors, contract 


hire support services to other fi- 
nancial institutions and com-' 
puter and consultancy services 
to car fleet and contract hire 
operations. 

The company, in terms of the 
number of cars being managed, 
is in the top six companies in 
the car fleet mamagement field. 

CU has undertaken to make fi- 
nancial resources available for 
EMM'S next stage of develop- 
ment. including the provision of 
car financing facilities and its 
ultimate goal, ex p ansion into 
Europe. 

Roger Macey and David Ford 
will continue as chairman and 
managing director respectively, 


and no changes are planned in 
the day-to-day management of 
the company. _ 

SHAKES in First Security 
Group and Hawtal Whiting 
Holdings were suspended yes- 
terday pending an announce- 
ment Last month the two com- 

E mies announced their 
tention to merge 

GRAND Metropolitan offkhoot. 
Express Foods Group, is paying 
£12m for Fleur de Lys Patisser- 
ies, Nottingham-based manu- 
facturer of frozen gateaux and 
pastries, which supplies brand- 
ed and private label products to 
UK retail customers. 


BY PHiUP COGGAN 

THE Stock Exchange has 
cancelled all deals in the 
shares ef Quest Group made 
between the bogus announce- 
ment of a £40m order at KUO 
on Friday and the suspension 
of the shares at 1X15. 

The market supervision and 
surveillance department will 
be conducting an investigation 
Into the bargains transacted 
during the 55-minute period. 
Dealings in the shaxes will re- 
sume today. 

The Stack Exchange is also 
examining whether Its proce- 
dures need to be altered in the 
wake of the afhlr. The an- 
nouncement referred to the 
company by an incorrect name, 
said it had won an order in 
conveyer belts when Quest’s 
business is computers and ad- 
ded a nonsensical last pa 
graph which claimed mat a 
£40xn order had somehow in- 
creased the act asset value by 
49 per cent. 

It eventually transpired that 
the announcement had not 
been sent by the company but 
via a British Telecom public 
telex office in Victoria. 

It remains a mystery why tbe 
person who sent the message 
made so many mistakes, and 
yet knew that a let of Quest’s 
business comes from Russia 
and that It has an employee 
with the name "Kefth Morris”, 
in whose name the telex was 
signed. The real Mr Morris was 
sitting Innocently in Quest's 
Hampshire headquarters when 
the telex was sent 


Cowie sells 
stake in 
Lookers 

BY CLAY HARRIS 

T Cowie, the Sunderland-based 
motor group, yesterday took a 
£1.73m profit by selling its 
I4JK per cent stake in Lookers, 
having decided teat the Man- 
chester-based Austin Rover 
and GM dealer looks h«n«ii«»* 
from imminent bids WtMl " to 
a large friendly shareholder. 

The shares were sold at 384p 
to Barclays de Zoete Wedd, 
Cuwie’s stockbroker, against 
an unchanged market price of 
898p. Lookers believes the 
shares are being placed wide- 
ly- 

Woodchester Investments, 
Irish-based leasing subsidiary 
•f British & Commonwealth 
Holdings, owns nearly 30 per 
cent of Lookers and has prom- 
ised not to bid far two years. T 
couldn't see any room hr ma- 
noeuvre,* said Mr Tam Cowie, 
chairman. 

Cowie, which has profitably 
traded in and ont of provincial 
competitors' shares, now has 
only one disclosable stake - 
nearly 18 per cent of La ton- 
based Trinxoco. 

Proceeds of the Lookers dis- 
posal will be used for fluffier 
development. Cowie indicated 
that 1987 p re -tax profits, fore- 
cast at £ltoi when a rights be 
sue was launched last month, 
was now likely to reach £16m 
as a result of the gain. 


AC Holdings makes 
£10m cash call 


AXHol dings is raising £9-95ra 
to fond expansion in the finan- 
cial services sector by a deep- 
ly-discounted rights issue. It is 

planning to issue Up tO 2m 

shares at £5, against yesterday's 
opening price of £11.05, on a 
one-for-onc basis. 

Following the sale of its inter- 
est in A.C. Cars last week to 
Ford, directors said that they 
proposed to concentrate on the 
dnanHai services sector, mak- 
ing acquisitions and providing 
its Douglas le Mar offshoot with 
ftuther working capital to ex- 
pand its institutional business. 

The company also announced 
pre-tax profits for the year to 
end-June of £L05m, against a 
loss for the previous nine 
months of £71,000. During the 
past 18 months the company was 
taken over and bought two 
stockbroking businesses. The 
group is also now involved in 


fond management through its 85 
per cent-owned offshoot A.C. 
Stronghold. 

Turnover was £1 3.48m 

(£115,000) for operating profit of 
£ l.Olm (£188.000 loss). Tbe pre- 
tax figure was struck after in- 
creased finance charges of 
£86.000 (£238) and included in- 
vestment income of £52,000 
(£ 12 . 000 ). 

After tax of £433.000 (£18,000 
credit) and minorities this time 
of £2,140, earnings perSp share 
came out at 30.5 p (Z.6 3p loss). 
There was an extraordinary 
credit of £782,000, being the net 
surplus on the valuation of the 
investment in A.C. Cars. 

Directors said that it was too 
early to make an assessment for 
the present year but business 
was bene fitting from the high 
volume of trading on the Stock 
Exchange. 


Asda Property profit 
rises 73% to£1.4m 


Asda Property Holdings, sub- 
ject earlier this year to a take- 
over bid before talks were bro- 
ken oft increased pre-tax 
profits by 73 per cent from 
£810,000 to £L4m on turnover up 
from £8. 87m to £1 0.09m for tile 
six months to June 30 1987. 

This rise almost matches the 
74 per cent improvement in 
pretax profit to £LS2m for last 
year. 

Turnover included gross in- 
come on sales of trading proper- 
ties amounting to £&99m 
(£484n0 and gross rental in- 
come up 48 per cent from£L58m 
to £2.34m. Earnings per 20p 
share rose from Sp to 8-lp. The 
directors said they intended to 
recommend an Increased divi- 
dend for the full year. 

Mr M«nny Davidson, chair- 
man. said mat the level or in- 
vestment development and 
trading activity within the 
group continued to increase 


with property acquisitions 
since the beginning of the year 
totalling £25 m. He was confi- 
dent that the company will be 
able to report excellent results 
and substantial capital growth 
in assets for the foil year. 

Mr Davidson said that the 
company’s residential portfolio 
had increased substantially and 
now exceeded 2,000 tenanted 
units. 

A proposal to capitalise part 
of the company's reserves by 
the issue of four new ordinary 
for every share will be put to an 
extraordinary general meeting, 

Interest paid rose to £2.6Sm 
(£167m), tax amounted to 
£490,000 (£294JX)0) and minori- 
ties £3,000 (£2,000)1 There was an 
extraordinary profit, less fa», of 
£272.000 (£18,000) with tbe same 
amount transferred to capital 
reserves, leaving attributable 
profit of £908.000 (£514,000). 


TSB estate agency move 


BY HUGO DIXON 

TSB England & Wales, the 
main retail bank in the TSB 
Group, is planning to build a 
network of estate agents offices. 

As part of this plan, it has 
bought Morris Dibben, a Hamp- 
shire estate agents, and Wilson 
Smith Howkins, an East Mid- 
lands. estate agents, for undis- 
closed sums. The estate agents 
each have seven offices. 

TSB Scotland already has a 
small estate agency n etwork 
and TSB E n gland & Wales has 
started offering estate agency 


services in three of its bank 
branches. However, earlier this 
year TSB Group was thwarted 
in its attempt to acquire Hogg 
Robinson, tbe financial services 
group, one of whose main at- 
tractions was a large estate 
agency network. 

TSB refused to put a figure on 
the number of estate agency of- 
fices it would like. But it seems 
probable it is aiming for a net- 
work of a hundred or more, 
partly through acquisition and 
partly by setting up in-branch 
offices. 


Brierley stake in Beatson 

BY DA V» WALLER 


MR RON BRIERLEY, the Antip- 
odean entrepreneur, has taken 
a 9.6 per cent stake in Beatson 
Claris, the Rotherham-based 
manufacturer of glass bottles 
and jars. Beatson’s shares ad- 
ded 15p to 416p after yester- 
day's ann ounc ement that Mr 
Brierley’s IEP Securities held 
713,000 shares. 

Mr David Clark, Beatson’s 
chairman, said he understood 


that the stake would be held as 
a long-term investment - but he 
hoped for clarification on this 
point later this month in a meet- 
ing with representatives of IEP 
Securities. 

Hitherto, Mr Brierley's invest- 
ment in the UK’s reviving glass 
manufacturing industry has 
been confined to a substantial 
bolding in Redfearn National 
Glass. 



Sometimes you’d think 

this Swiss private bank could tell 

a seedling’s fortune. 


W hen a client entrusts us 
with the management of 
his assets, he doesn’t want any 
involvement in the administration. 
But he definitely wants to see 
growth. 

After all, he will justly expect that 
for us, portfolio management goes 
beyond just preserving those assets. 
To grow and develop into mature 
plants, seedlings need care and 
attention. So do assets. 

We’re concerned about a sound 
environment for them. The climate 
is important, too. And the way we 
prune shoots that show no promise 
of ever bearing fruit 
Hence, we enjoy the regular 
occasions on which we can talk to 
our clients about plants they once 
entrusted to us as seedlings. 


BANKVONTORPI 

Zurich 

The professionals with 
the personal touch. 

Bank). Vontobel & Co. Ltd., 
Bahnhofstrasse 3, CH-8022 Zurich 

Switzerland, Tel. 01488 71 11. 

Vontobel USA Inc., 




I* 


I 




33 


Financial Times Tuesday October 6 1987 


Group Precious Metal Mining Companies’ Reports 
— for the quarter ended 30 September 1987 


All companies are inco r po r ated in the Republic of Sou th Africa 







Driefontcin Consolidated 

Driefontehi Qn™nlMa«M» riitf^i 
(RegWrarian Na 68/04880/06) 

kSSUED CAnZAXa 103 000 000 rimes of SI cadi, ftiBy pakL ' 

Vlakfontein 

Thkfontein Gold Mining Cosspsozy limited 
Otegbtndon Na 05/06155/06) 

BSUEDGAFEDUb 6800 000 shoes of 20 eenm each, AiRy paid. 

Libanon 

r th.fiofi finlrj Mining f^Mi,|nny Tlwvlfiwl 
OlLgliuwlon Ng QSAM88UP6) 
ruviiniv papitk. 8 000 000 shares of R1 foBy paid. 

Kloof 

Kloof Gold Mining Company Limited 

(Beghmnon Na 64-D4462 / D6) 

ISSUED CAPITAL* 121 100 000 dares of 25 cents each. Mly paid. 



OPERATING RESULTS 
GoU-BMDrlcfcMtta 


Gold produced 0®) 
■HekKsA). . . . 


Revenue (Rft ndfled) 

Cor (RA ruffled) 


Cost (8000) 


Quarter 

Quarter 

ended 

wvfarf 

30 Sept 

30 June 

1987 

1987 

705000 

705000 

8 812/5 

74793 

123 

I0j6 

30463 

28 785 

381£2 

50536 

108,11 

9935 

273^1 

206,01 

268 972 

215420 

76 215 

70180 

192 757 

145240 


Quaner Quarter 
ended >«*»< 
30 Sept 30 Juar 

1987 3587 

OPERATING RESULTS 
Gold 
Oie raffled: 

from undetgroend soumes (0 ••••■• 9981 JOT 

faxnsurfcoe dumps (t) 143 136 S82fT 

from oroide sources (0 36 883 115 755 

ItatrittOedCO 210 000 210 000 

Gold produced (kg) 216,7 265,6 

-nddCgrt) *,0 13 

Price leeched (R/fcg) 30 209 2B7W 

Rlitoib Otftmflkd) 31,25 3647 

Cost OlA ruffled) 28^9 3436 


OPERATING RESULTS 
Gold 


Gold produced (Vg) 
Yield (gA): ■ ■ ■ 


Gold- West Drfcftxneln 


Rcreme 

(RA ruffled) 

Cor 

(RAmfied) 

Profit 

CRA tided) 

Revenue 

(ROOO) . . 

Co* 

(8000) . . 

Profit 

(ROOO) . . 


Revenue (RA nriLed) 
Cor (MbBbO 

Profit CRA mlBed) 


GokL produced 0®) 
■Weki(gA). . . . 


Cor (BA milled) 


Knont (ROOO) , 
Cor (BOOO) . 


720000 

720000 

8424^1 

83523 

11,7 

U.6 

30 001 

23560 

351.69 

331,77 

11922 

10839 

232,47 

22238 

253215 

238876 

85 839 

78477 

167376 

160399 


Working profit Gold 
Net sundry revenue 


Revenue (8000) 
COR (ROOD) 


6563 7656 

6 089 7215 


P w^ fl t hrfw tzx 

Ttae 


Noamhang ax 
Profit after One 


fipirri expeodtone 
iMeof abates . . 
Dividend . . . . 


(166) (347) 

12 44 

999 1029 

2 568 9187 

— 6920 

— 2040 


Pnfit (8000) 

FINANCIAL RESULTS (BOOO) 

U hi Ui ^ pwA ........... 

B i lly ly ntvW Imt rf pnUM Iw mi w . . . . 

Na sundry revenue _ 

Profit before tax add State's rinse of 

profit 

Tax and Staa^a rime of profit 


Profit after tax and State's 
pnfit 


Quarter 

Quarter 

ended 


30 Sept 

90 June 

1987 

1987 

435 000 

435000 

2 068.0 

21318 

4^ 

43 

30 306 

28730 

145,69 

14180 

101.11 

9738 

4438 

4382 

63 378 

61333 

43 984 

42621 

19 394 

18712 

19394 

18712 

635 

— 

2 255 

2815 

22 284 

21527 

5206 

4152 

17 078 

17375 


Csptalexr 
DMdend . . . . 


9000 22-66 

— 20000 


I T wnh u M Oxide 

Palp treated (0 214 690 193960 

Oxide produced (kg) . . .* 19152 18 <89 

Held ObA) 0,089 0JO96 

FINANCIAL RESULTS (ROOO) 

Working profit Gold 360X33 305639 

Profit on sale o l Uranium tv*** nod 

Sulphuric Add 2092 ' 1 133 

Na tribute royalties arx) sundry ndnir^ 

revenue 489 252 


Net mining t tenue 


. Profit before tea arid Sates rime of 
profit . . . ■ . ... .. . . .■ 
Tax and Sore's rime of profit . . . 


Prod after tax and Sute'f share at 
p ro fi t . ........... 


$62714 

208*7 

307024 
. 8*030 

J 


38&561 

331054 

236 052 

173136 

147 509 

157918 


TAX. The Thx far the quarter has hrmsrifnBed fat respect of in oretpxMsiontn 
the pterions year amounting » 8338 OOOl 


(a) Tl i f im . i[iw »liil l<*«'.rfM*ni4— l wplNl wpH i i eini » ay H q|l w i i liw 

1987 was SA3 mflBoa - 

(b) The capital expendknte foamed foe the qtmtersxied 30 September 1967 
/dates maioiy ro Droogetxdc. 

DIVIDEND. A Addend (Na 82) of 30 cents per rime mas dedaxed on 9 June 
1967. and mm paid ro membws on 5 August 1987. 

WOOGEBOLT MfifiCT. The HurOwa «■ afaMnni 103 metres n a total 
ritamrr rf4flnnUTnmTh^fflrin«,/V m4n|»nn,»MVl rw p— 
ynmpliiw i whWM tliiU pBp M flO 1 Mflghttl 

Idd BO 1 letd brn Sagpfqfl OQ J lewd hfl fl yw mw irwt 

Pir^a i Rwy vrodcfar the i nRrilailn p of ifacoe «jn.f O » frani2Ievclhwefl a d van ce d . 


TAX AND STATE'S SHARE OF PROFIT. The 7kx and State's 9orr of Profit far 
the qoarter has been acRimed in respect of an oreqxrwMon In the pcerious year 
amouahre to R1 997 000k 


CAPITAL nnmxmu. The »i>»pwirfad babnoe of audtodaed capita! 

mpwilnm - w M Vj pmitiiT tOWT — s HI 14 /i mflnn. 

DIVID E ND . A dMdend Qfoi 73) af250 cents per share was d eclare d on 9 June 
1967, and teas paid to on 5 August 1987. 

On briirif of the baatd 


5 October 1987 


A J. Wright 
CT. Faxon 


5 October 1987 


Oobcfarif of the bored 

\ nterom 

C T. Priurm / 


orpendtone 
DMdend . . . . 


31741 69025 

— ' 214200 


TAX AND STATTS SHARE OP PROFIT. The "nta and State's Share otfPro&for 
the quarter has been adjusted In respect Of an oteroRMrion In die protons mr 
amounting to RS 167 000; 

CAPITAL Btw w ipn nan, The y iwpwW balance -of — tovV*! «[*■! 
ea pfwftnne R 30 September 1987 was BfiBlJ mffilon. 

DIVIDEND. AdMdend Ota, 28) of 210 cents per rime was dedared on 9Jbne 
1987, and was pakL to metnbft s on 5 Aigpw 1987. 


Venterspost 

Ventecspost Gold Mtehig Company Unritetl 
Qfc g torati o n Na OVP5632A36) 

» CAPITAL! 5 050 000 rimes Of R1 each, fiifijr pakL 


Doomfontein 

iV im n fib mtrfR Gpld Minin g Cu fd y Klslied 

(RegtRadon Na 05/24709/06) 

ISSUED CAPITAL! 10 000 000 friB of RZ each, fufifpaid. 


No. SSub-Vcxtlcri SbriML The shaft was sunk 154 metres loadepth of 727 
metres below the cofiar on 22 LereL The escandon of 36 letd statfcm was 
completed. PtQgien has been hampend fcgrsriaade eaenm 

No. 1 Tertiaay Shafts W3*ocrataoc g (» the excawtionofhoat c h a mb e rs . 
The development on 54 Irvd has readied die shaft posatoa 

West Driefimedn 

No.7Sftatt-W. The shaft was e qu i pp ed W«dtpthof775 mates bdowcoBst 

pfa B ipmlUr-W, rg>7T^ rv w+nn*? on fwwn* mrtil | 4i 1| -H"g Pnom 

jhuft jo the fret hooriqg . 

No. 9 fiob-Vordcal amft-W.ThedeidopnieBtofsfae shaft bjouren 22 Zend 
and the access cfoe to 21 lend continues. The cross-cot on 22 Le*aL which wffl 
connect die sfasfr whh Na 5 Shafk-E is approaching die hofing print 


Tk«(gA). 


Can (RAmflied) 
Profit (RAmflied) 


Revenue (ROOO) . 
COR (R000) 

Profit (BOOO) 


5 October 1987 


On behalf af the board 

K. A. Phrmbdcfee 1 ^ 
C T. Renton 


HNAKOAL RESULTS (BOOO) 
Working profit Gold . . . 
Na sundry revenue . . .' 


Profit before tax 

Tax 


Profit after tax 


Quarter 

Quarter 

ended 

ended 

30 Sept 

SO Jane 

1987 

1587 

390 000 

390000 

1560,0 

1560J 

43 

48 

30200 

28213 

12138 

11384 

10534 

5880 

1534 

1584 

47220 

44084 

41276 

38220 

5944 

5864 . 

5944 

5864 

1153 

1616 

7097 

7480 

1716 

0328) 

5381 

8808 


Quarter Quarter 
ended en d ed 

30 Sept 30 Jane 
1987 1987 


Ore milled (0- 366000 366000 

Gold produced (Ig) 1915,4 21230 

Yidd (gA) M 53 

Price received 0t/kg) 30 297 28927 


Revenue (RA milled) 
Cor CRA mSed) 

Profit (RA milled) 


Revenoe (BOOO) 
CoR 09300) 

Profit (BOOO) . 


HNANCIAL RESULTS (ROOO) 

Worklf® pro* Gold . . . 
Na rondry revenne ... 


158^2 16833 

142,44 12638 

1638 39.75 

58128 61498 

52134 46949 

5 994 1456 


5994 14549 

1788 2484 


Profit befog tax and State's stwe of 

profit 7782 27 <83 

Tax and State's share of profit (1 113) (1800) 


raphil 

DMdend . . . . 


Northam 

Utafdmm Pfatfamm limited 

( Rr g teTra d n n Na 77A&282/06) 

ISSUBD CAFEEfili 14 400 000 rima of 1 cem each, fifly paid. 


1, INCOME AND EXFINKFOI The confm^ had ne&her Imxane nor 
eqxsxfimie for the dnee moods ended 30 St^estiber 1987, as aBIncame and 

faas been rsplHltsrd at pgproducdnn mine deadopmenr 

expenditure 

2, GAKEAl ESBNDOIHR. The meipended balance of sufooctsedcstphal 
etpendhixe at 30 Sqmndser .1987 was 9SB9fi mfflloa 

3, PBOGBESS AT XHB MDCB 

Nou 1 Shaft. The sbaftwassmfoSOfi metros to a depth of 262 meaes below 
otdhe The fia nud a w in der imeBBMdMloftBd 

No. 2 Soft The riafisBi BB8k2!S6aieBei » a depth of »7 mam b«fcsr 

arise 


TAX. TbeTtx for (be qrmterhm been adjusted hi sespect of sb owexpsoririaa la 
die pserious pear smomxing to R1 548 OOOt 


Ihtq naqmdBd brismeo fm bodg d opted aqieg>HWfi 30 Sqfoabcfl9B7' 

was R173 tnfflfoq 

URVOMBia AdWMd CNa 90 of 190 oeas per rime v»deda«lon9Jtt» 
1987, and was prid to memben an 5 AagpR 1987. 


50cnbal987 


Oobebrifcf ifaebomd 

}— i- 


fapltni . . p widlWiM 

DMdend . . . . 


8895 18833 

9259 12295 

— 14500 


TAX AND STATE'S SHARE OF ROKT.Tbe Tat and State's Share afPtofit for 
Ae ^mter has been adhsted In seroeaof aacmspsariskm in de prerioasyctr 
amounting to H2 020 00a 


CAPITAL EXPENDmaffi. The I inr t pmrird bring of soihodSBd caphri 
espen<£taie R 30 September 1987 was R1414 mOon. 

ZRrvnmD. AdMdeod (Na 6i)of 143 cempadmwadectaalcn9Jooe 
1987, end was paid to members 06 S AttgpR 1987. 

No. 3 SUB-VEHTKAL SHAFT. Equipping of dm beadgpr b co mp le te ami 
eq uip ping of the shrit hsa ttaaacd a depth of 695 metres below arias 


5 October 1967 


Onbehrifcfrbe board 

C. T. Patino 1 

AJ.WtWa fOteaoa 


5'October 1987 


^1 

RAPtanbridae \ 
CT. Protest J** 


OPERATING RESULTS 
Gold 


r«dd (g*i) . 


Revenue (RA nrified) 
Cor (SA milled) 

Profit (RAmiBed) 


Cor (ROOO) 74 019 

Profit (ROOO) 153 552 

FINANCIAL RESULTS (ROOO) 


R eco u ety under loss of ptoflg insurance . . . . 
Na sundry revenue 

Profit be fo re ax and Staae's share of 


Profit after tax and State's share at 


Quaner 

mini 

30 Sept 
1987 

(tarter 

30 Jane 
1987 

540 000 

7 560,0 
14.0 
30 043 

540000 

75608 

14.0 

2S752 

421.43 

137.07 

40330 

12389 

284.36 

279.61 

227 571 
74 019 

217*82 

66-34 

153 552 

150 988 

*53 552 
252 

7 611 

150988 

9669 

161 415 
56 751 

160 657 
63435 

104664 

97222 


i-nptwt apaafaue 62 792 6l 274 


DMdend .... 
Issue of debenmrea 


TAX AND STATE'S SHAKE OP PROFIT.^ TheTntand State's Share of Profit for 
dm quarter has been arRuaed hi aspect of an ovetpro rts lon to the previous year 
■mounting to R5 665 000. 


(a) The unexpended bahnee of atahorisedr^titricapenrRnireg30 September 
1987 was R931 A ntiSion. 


Q>) Included in the Of "p 1 " 1 
S ep t em b er 1987 is an amount of 


»ritmn» for the quarter ended 30 
mflhan in tespeaof leeudootn. 


DIVIDEND. A dMdend (No. 35) of 80 cents pa rime was derived on 9 June 
1987, and was paid to mrmhen on 5 Atqguri 1987. 

DEBENTURES. A further call of R5 per debenture was made an die holders of die 
partly paid Unsecured Convertible Debentures and was paid on 1 July 1987. 


Now 4 SfaafiK.aafteq n i pp l n g operati o n s rete advanced madqah of 1 950 
Ktzes below ooBst. 


NOb4Sufr- ¥ettic alSi »alfc«. Votfcisc ont 
m rv wmyholn chambers. Pieparanay wutkio 
poitifi of the shaft 8 In pro gre ss. 


on the establishment of the 
.-the stoking of the headgear 


No. lShaffcl- The shaft was sunk350 metres roadepth of 1 292 metros bdow 
c ollar . 

No. 1 V entilati on ShafrL The hgalhiion of the necessary stcehvodc for 
mkS-shaft iiMhg hfWH.. a «!««» oompleie. 

No. lSob-VertlcalShaft-JL Initial sinking of this shaft wffi be carded our via 

ifaeadflllUgNaZ V^Tof» nn < *hofr4.nnfp ihp mViuthoff lrvvling firtlMi-^ h90i»|ywvq 


5 October 1987 


On behalf of the board 


Deelkraal 

Dedkrat Gold Mining rn mpa ny T.lmlwvi 

(Regfstmdon Na 74/00160/06) 

ISSUED CAFfXAKr 99 540 000 shares of 20 cents each, hilly paid. 


aregADDtG resous 

GoU 


YWd(gA). . . . 
Price received (BAg) 

Revenue (RA nriPed ) 

Cor (RAntiUecO 
Profit (RAmflied) 


Revenoe (ROOO) 
COR (ROOO) 

Profit (ROOO). 


FINANCIAL RESULTS (ROOO) 
Working profit: Gold . . . 
Na sundry revenue . . . 

Profit before ax .... 
Non- mining ax ..... 


Quarter 
ended 
30 Sept 
1987 

Quarter 

30 June 
1987 

375 OOO 

2 0623 
S3 
30 059 

365,70 

87,88 

375000 

19873 

53 

28305 

15024 

8365 

77,82 

6639 

62138 

32 956 

56340 

31367 

29182 

24973 


29182 

2 505 

24973 

2739 

31687 

1226 

27712 

1333 

3D 461 

26379 


C »| *J . .jui vllnm - 

Dividend . . . . 


CAPITAL EXPENDITURE. Hie unexpended bring of authorised espied 
ex penditure at 30 S ep t em b er 1987 was R244R mffltan. 


DlVIllSKD. AdMdend (No.9)of 40 cems per share sms dedated cm 9Junc 1987, 
and was paid to members on 5 August 1987. 


5 October 1987 


On bdtrif of the board 

CT. Fenton \ - ; nrrr r . 

Aj-v^rr > nrcaoa 


go: 

□ 

D) 

FI 

E 

□ 

D 

S 

OF SOUTH AFRICA LIMITED 


Copies may be obtriaed from the United Kingdom Regisoar: 
HU Samuel R^sttais UmiipH^ 

6 Grpencoar Place, 

London, SW1P 1PL 







34 


.Financial Times Tuesday October 6 1987 



HENRY 

ANSBACHER 

Mergers and Acquisitions Group 

to September 1987 we have arranged the sale of 
209 media companies in the USA and Europe: 


65 Newspaper Companies 
46 Trade Magazine Companies 
27 Book Publishing Companies 
16 Advertising, Printing and Other 
Related Media Companies 
14 Consumer Magazine Companies 
12 Computer Service Companies . 

10 CATV Systems 
10 Radio Properties 
6 Television Stations 
3 Packaging 

Henry Ansbacher & Co. Ltd 


UK COMPANY NEWS 


Lamont better than 
expected with £4m 


Lamont Holdings, the diversi* f 
fled investment holding conn 


£ 


e first half of 1987 by lifting its 
pre-tax profit from £SL2m to 
£4m And the interim dividend 
is raised from VSp to 2p. 

The directors have no reason 
•to be other than confident* 
about the year as a whole, and 
look for continuance of the 
progress Of the past five years. 
Over that period profits grew 
from £068,000 to £&22m. 

Turnover in the half year 
moved up to £4&38m (£27m) and 
trading profit to £4. 28m 
(£2. 43 m). Earnings' worked 
through at 1339p (7.99pX . _ . 


, Textile division produced a 
creditble return with , trading 
profits at £3.6m, compared with 
the same period last year which 
bore the early losses following 
the acquisition of Shaw Car- 
pets. All companies in the div- 
sion increased turnover and im- 
proved margina. 

Although a slight hesitancy 
was experienced in the market 
place u July and August, the 
overall picture for the foil year 
should be up to expectations. 
Order books were higher that at 
any time last year. 

Moygashel had an excellent 
six months In famishing fab- 
rics, and the apparel business 


was benefitting from a new mar- 
keting strategy. Order levels 
were improving and prospects 
for the second half .were en- 
couraging. 

EE McCleeiy had fall order] 
books and, despite increased 
costs of raw materials and a] 
world shortage of polymer, i 
would perform well for thef 
year. 

William Boss, spinning linen 
and Unen blend yarns. In- 
creased its sales ana margins 
and saw further potential in Far 
East markets. 

The overall performance of 
the ’ computing division im- 
proved. 


Henry Ansbacher Inc. 

277 Park Avenue 
New York, New York 10172 
212-688-5544 


One Mitre Square 
London, England EC3A 5AN 
01-283 2500 


NOTICE OF REDEMPTION 
To the Holders of 

SCI FINANCE NV. 

5% Guaranteed Convertible Subordinated Debentures 
due July 1,1998 

ISQTICE IS HEREBY GIVEN to the holders of the outstanding 5% Guaranteed Convertible 
Subordinated Debentures due July 1. 1098, of SCI Finance N.V. ( tbe “Debentures”) and of the 
u n matured coupons appertaining thereto that, pursuant to tbe provisions of the Fiscal and 
Pay inn Agencv Agreement dated as of July 1, 1983. among SCI Finance N.V., SCI Systems, Ina, 
ana Morgan Guaranty Trust Company of New York (the “Fiscal Agent**) and tbe Terms and* 
Conditions of the Debentures. SCI Finance N.V. intends to redeem and does hereby call the 
Debentures for redemption and payment on October 30, 1987, (tbe “Redemption Date") at tbe’ 
London Office of the Fiscal Agent ai 1 Angel Court, London, England EC2R 7AE, at a redemption 
price equal to 100% of the principal amount of the Debentures to be redeemed plus Interest 
accrued to the Redemption Date upon presentation and surrender of tbe Debentures and all 
unmalured coupons appertaining thereto. The Debentures will no longer be outstanding after 
the Redemption Date and interest thereon shall cease to accrue on and after tbe Redemption Date. ' 

The Debentures are convertible into common stock of SCI Systems, Inc. in accordance with' 
their Terms and Conditions at the London and New York Offices of the Fiscal Agent. Tbe Fiscal' 
Agent's New York Office is 30 West Broadway. New York. N.Y. 10015. Tbe conversion price far 
the Debentures Is S10.98 per share of common stock of SCI Systems, Inc. and the Closing 
Price for such common stock on September 8, 1987 was 120 per share. The Debentures are 
convertible prior to the close of business on Thursday, October 22, 1987, but, on or after Friday, 
October 23. 1987. the sole right of a holder shall be to receive the redemption price plus Interest 
accrued to the Redemption Date. 

Any payment made within the United States or transferred to an account maintained by a 
in-C.b. payee with a bank in the United States may be subject to reporting to the United 

withholding at a rate of 20%_ifj 

" orm 
nls 


nun-l'.>. payee with a Dank in the united states may 
Stales Internal Revenue Service (IRS) and to backup 
not recognized as exempt recipients fail to provide the paying 


ling at a rate ot 4ir*> it pay 
_ rnt with an executed IRS ro 
W-8 certifying under penalties of perjury tlial tbe payee is not a United States person. Payme 
made within the United States to non-exempt U.S. payees are reportable to the IRS and Un 
U.S. payees are required to provide to the paylnc agent an executed IRS Form W-9 certifying’ 
under penalties of perjury the payee’s taxpayer identification number | employer identification 
number or social security number, as appropriate) to avoid 20% withholding of the payment. 
Failure to provide a correct taxpayer identification number may also subject a U.S. payee to a 
penalty of 530. Please therefore provide the appropriate certification when presenting your 
becurities for payment. 

SQ FINANCE N.V. 

By: MuKANGiHMimTRusrOiNntNT 
• Ip jiew WMii. AS Fiscal Agent 

Dated: September 15. 1987 


GET THE LOWDOWN ON YOUR UPKEEP 


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about Fleet Management but never had the time to 
find out 

Afl the fads and figures from VehideSetection 
to Maintenance Procedures, from Fuel Cost Control 
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more, its the definitive Reet Management 
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So you can see dearly vtfrere and how your 
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Laidlaw Thomson 35% ahead 


Laidlaw Thomson, the USM 
quoted architectural ironmon- 
ger, reported a 35 per cent in- 
crease from £428,000 to £578,000 
in pre-tax profits for the half 
year to Jane 30 against an Im- 
provement of 13 per cent to 
£10. 54m in turnover. 

Mr David Whitworth, chair- 
man, said the results reflect the 
improvement in operating con- 
ditions in ShefSeldjmd the con- 
tinued growth in specialist ar- 


eas, notably window fittings, 
metal doors and lock cylinders. 

He said that to the first six 
months the company had fur- 
ther consolidated its position as 
Britain’s leading architectural 
ironmonger bat believed the 
potential existed to increase 
further the marked; share and al- 
so, through a more co-ordinated 
group policy on sales and mar- 
keting, produce an improve- 
ment to margins. Pre-tax to 


from 4.6 
per cent 


sales, these were 
per cent to almost 
to the first half 

Earnings per 25p share im- 
proved from 4.68p to 7 33p after 
a tax charge of £192,000 
(£163,000) and a credit of £4400 
(£16,000 debit) of share of profit 
of related companies. 

Asr forecast at the time of the 
July rights issues, the interim 
dividend is increased to L54p 
CL4pX 


British Dredging up 
to £0.9m first half 


British Dredging's perfor- 
mance in the first half of 1987 
with pre-tax profits op from 
£730,000 to £901,000 was even 
better than it looked at first 
sight since the corresponding 
period of the previous year in- 
cluded the benefit .of approxi- 
mately £120,000 from the 50 per 
cent interest in Bristol Sand 
and Gravel which was sold in 
November 1986. 

The directors said that Brit- 
ish Dredging Aggregates per- 
formed particularly strongly 


with a high level of demand and 
all activities or the group con- 
tinued to trade well 
Turnover for the six months to 
June 30 was up from £A97m to 
£5.9 lm and the operating profit 
rose from £530,000 to £599,000; 
this was boosted by an increase 
from £200 ,000 to £302,000 in in- 
vestment income. Tax took 
331.000 (£264,000) leaving attrib- 
utable profits of £570,000 
(£466^)00). for earnings of &31p 
(2-TOpX Shareholders get a dou- 
bled interim of 2p. 


Astra $4m 
purchase 
of Kilgore 


Astra HeUUngs. Kent-based 
pyrotechnics group, is buying 
Kilgore Corporation, pyrotech- 
nic-supplier to US Department 
of Defence, for a maximum 
$3-8m (£2.3m) in its second US 
acquisition this year. 

The company showed a loss of 
$837,000 in the year to the end of 
June, but management has fore- 
'castoperatiug profits of at least 
$600,000 in the current year, and 
32m in the next 


SHARE STAKES 


Changes in company share 
stakes announced over the past 
week Include : 

Brent Chemicals: on Septem- 
ber 29 director K. Hutchings 
disposed of 18,660 ordinary. 

Earn therm: director JJL Hart- 
nett disposed of 50,000 shares at 
430p and 25,000 shares at 433p 
on September 28. He now holds 
3496336 (IL39 per cent). 

Eucalyptus Ps5p Mills: On 
September 30 director GD.C. 
Willy sold 10,000 shares at 
£11.75 and now holds 37,500. 

Badio City (Sound of M ersey- 
side): managing director TJX 
Smith purchased 86350 A- ordi- 
nary NV at ZOOp on September 
23, increasing his family hold- 


ing to 183350 (89 per cent). 

Jacques Vat: On October 1 
chairman J. Cynamon and man- 
aging director A. Green both 
sold 50,000 ordinary at 440p. 

Bridport-Gnndxy: director M 
Dagwell has disposed of 90,000 
ordinary at 285p. 

Unet Holdings: on October 1 
director B. J. Hayes sold 114226 
shares at 395p. 

Ken toldl Group : director EJ. 
B. Christensen disposed of 
58368 ordinary (0.08 per cent) at 
221p and now holds 25,000. 

Bellwinch: On September 30 
director S. Matthews purchased 
20,000 ordinary at 145p. - 

Dubflier: On September 22 
the following directors sold or- 


dinary: DJL Blundell 476,000 at 
220p and now holds L4m; C.EL 
Bean 80,000 at 220p and now 
holds 766,933 

SaleTUney: RJ. Temple, man- 
aging director of a subsidiary, 
has sold 1,208335 Sale Tilney 
ordinary, reducing his holding 
to 1300315. 

Ultramar: director DA Aus- 
tin disposed of 45,000 ordinary 
and now holds 18132& 

Ernest Green: On September 
28 the following directors dis- 
posed of shares: BJ* Rider 
50,000 and now holds 611336, 
LB. Douglas 50300 and now . 
holds 424358, and PJ. Simmons. 
50300 and now holds 424358 


WEEKEND FT 


HOME INTERIOR 
DESIGN 


The Financial Times 
proposes to publish a 
Report entitled 

Home Interior Design 

on: 

Saturday 24 October 1987 


For details of advertising rates please contact: 

Sue Mathieson 
on 01-489 0033 


FT- Actuaries 
World Indices 

A 50-page booklet giving details of the index 
coverage and selection process, together with 
technical appendices, can be obtained free of 
charge by sending a (48p) stamped, addressed A4 
size envelope to: 

Miss JLorraine Spong 

Financial Times,- Publicity Department 
Bracken House, 10 Cannon Street 
London EC4P 4BY 


PML doubled to 
£0.84m midterm 


llN SPITE of unfavourable 
weather for its wholesaling and 
{manufacturing subsidiaries. 
PML Group yesterday reported 
a 91 per cent increase from 
£427,000 to £843.000 in pre-tax 
profits for the six months to 
June 30 1987. Turnover was up 
from £8.68m to £8.03m. 

The directors Mid they 
viewed the future with great op- 
timism. New acquisitions had 
settled in quickly and the li- 
quidity position was positive 

with the greater part of profits 
coming through in cash. They 
said they intended to pay a divi- 
dend for 1987, possibly in Jane 


next year. . . 

In the shoe division, turnover 
was up 34 per cent, ana a loss of 
£88300 was turned round into 
profit of £34,000, In the Euro-A- 
sia and Hanover Grand Bou- 
tique Group, turnover in- 
creased by 41 per cent and 
pre-tax profit by 83 per cent. 

The greater part of the 
group’s profits usually come in 
the second half, which this time 
wifi include a first contribution 
from Alec Berman. The group is 
seeking farther acquisitions. 

Stated earnings per share im- 
proved from 0-6p to L6 2f >. 


Bilton in strong position 
as profits rise 17% 


Percy Bilton is in a strong po- 
sition to take advantage of the 
continuing demand in the prop- 
erty sector, the director* said 
yesterday, as the property de- 
veloper announced a 17 per 
cent increase in pre-tax profits 
from £5. 41m to £831m for the' 
first half of 1987. 

Turnover rose from £lL68m to 
■gi asgfn, an increase of 24 per 
cent Profits on property and in- 
vestment activities amounted to 
e rgam (£&31m) while profits 
from construction including 
housing increased from £739300 


to £1.81m. Profit on redemption 
of mortgages was nil (£1.35m) 
and interest paid amounted to 
£233m (£2L04m). 

After tax of £1.87m (0.18m), 
earnings per 25p share in- 
created to 10.4p (93 p restated). 

The directors said there had 
been an increase in the amount 
of work secured by tbe civil en- 
gineering division and private 
housing had made a very satis- 
factory contribution. The direc- 
tors are confident that the re- 
mainder of 1987 will show 
farther growth of activity. 


Fortnum back in black 


Fortnum & Mason, the depart- 
ment store, produced a pre-tax 
profit of £70,000 for the six 
months to August 35, -compared- 
to a loss of £68,000, after a 22 per 
cent improvement in sales to 
£759m. 

Directors said the results 
were a very satisfactory im- 
provement upon 1980’s disap- 
pointing performance. The key 
to the year's overall result 
would be the level of sales and 
profit achieved in the last 24 
weeks of trading. 

The company did not expect 
to maintain the rate of increase 
achieved in the first halt but 
would be disappointed If it did 
not produce profits reflecting 
the increased volume of trade 
throughout the store, they said. 


There was a trading loss of 
£70,000 before £140,000 interest 
received (£138.000) compared to 
last time's trading loss of 
£206,000. 

Tax took £28.000, against a 
credit of £18300. Earnings per 
share were 9.4p (12.7p loss), and 
the interim dividend rose 0.5p 
to5J5p. 


National Industri 

National Industri (Ireland), 
electrical machinery manufac- 
turer, trimmed its pre-tax losses 
from LE149.000 to 1£66,O0O for tiie 
Six months to J une 30 1987. 

Turnover fell from £334m to 
£3.1m and redundancy costs 
from £90,000 to £25,000. while 
the tax credit remained at 
£5,000. 


BOARD MEETINGS 


TODAY 

in terim- ATA SetacHon. Ash & Lacy. British 
FBkin London S Maisjhaswr. Man MaWn, 
Micro Focus. Quarto, S — ra . T d epto w Rone, 
ala. Frank Usher, Ward Gmue- 
FMa- BsMa GBtani Japan Ihitf. Sawoa. 


Dowty 

Kendersm 


Group- 


BwryBMlS'Nobto 
British Island Airways . 
Cnparo tnd3 


FUTURE DATES 

i 


Mi Research. 

MusJerfn 

TO CSypI London True . 
Tirritt Corporation 

walker (J-O.) 

Wtoohons Betianwara — 


'Od 8 
Oct 15 
Oct 15 


Hrtwwtia Security. 
Goodwin fF.) - — 

MadtrtnsMt 

Samuakwn 


Dee 10 
Od 9 
Ocf 8 
Oct IS 
Oct 7 
Od 14 
Oct 16 
Oar 

Oau 
oa a 
Oct 12 
Oa 7 


NOTICE OF REDEMPTION 
To the Holdersof . 

ENTE NAZIONALE IDROCARBURI 

E.IU 

(National Hydrocarbons Authority) 

634% Sinking Fund Debentures due November 1, 1988 

NOTICE 15 HEREBY GIVEN th a t , pursuant to the provisions of the Sinking Fund for the 
Debentures of the above-described Issue, Morgan Guaranty Trust Company of New York, as 
Fiscal Agent, h as selected by lot for redemption on November 1, 1987 at the principal amount 
thereof $500,000 principal amount of said Debentures, as follows: 

Outstanding Debentures of US. 81300 Each of Prefix “M" Bearing Serial Numbers 
Ending in the Following Two Digits: 


01 


16 


2A 


26 


.Also Debentures «f US. 81300 Each of Prefix Bearing the Following Serial Numbers: 
1 738 1336 3938 4436 5136 6936 11436 12536 

. Op November 1, 1987, there will become and be due and payable upon each Debenture the 
principal amount thereof, in such coin or currency of the United States of America as on said date 
Js legal leader for the payment therein of public and private debts, at tbe option of the holder, 
.either (a) at the corporate trust office of Morgan Guaranty Trust Company or New York. 
30 West Broad wax. Nr* York. NY. 10015. or tklVurrl to low. J‘r7.L ' _ 7 L".,®!?* 


ilicable 


30 West Broadway, New York, MY. 10015, or (b) subject to any laws and ._ .. .. 

thereto with respect to the payment, currency of payment or otherwise in the country oFanv of 
.the following offices, at the principal office of Banca NazionaJe del Lavoro in Rome or the principal 
office of Banca Commercial Italians in Milan or the main offices of Morgan Guaranty Trust 
Company of New York to London, Brussels, Paris or Frankfort or the main office of Alqemene 
Luxemteur^Ufa V' Amsler,iai11 or ““to of Kredietiank S.A. Luxembouigroise in 

. Debentures surrendered for redemption should have attached all unmanned coupons aonurte. 
nant thereto. Coupons due Novjanhm- X 1987 should be detached and collected in the usual r£L^ r . 

From and after November L 1987 interest shall cease to accrue on the Debentures herein 
(designated for redemption. 

ENTE NAZIONALE IDROCARBURI 

By: MORGAN GUARANTY TRUST COMPANY 

uFtVEWyuw.Firal/lgeM 


(October L 1987 


inv payment made within the United States or transferred to an account maintained hr „ 
►llSTpayee with a bank to the United States may be subject to reporting to tbe United State* 
trad Revenue Service ( IRS). and to backup withholding at a rare rflR ft pSSfnof “ 

j m eMCU|ed p orm 

i United States person. Payments made 
to the IRS and those U.S. 

W-9 certifying under 
dentification number 



INTERNATIONAL AND DOMESTIC CONNECTIONS ALL UNDER ONE ROOF; ONLY AT PAN AM’S J.EK. WORLDPORT 







Financial Times Tuesday October 6 1987 










(gniinenlal 

3-Tranche 

Warrant Issue 

for the 

Continental Group 

coordinated by 

Deutsche Bank AG 



Now Issue 
October 6, 1987 


This advertisement appears 
as a matter of record only. 


Continental Rubber of America, Corp. 

Wilmington, Delaware, U.S.A. 

SFr. 100,000,000 

4%% Swiss Franc Bonds 1987-2002 

unconditionally and irrevocably guaranteed by 

Continental Aktiengesellschaft 

Hanover, Federal Republic of Germany 

with warrants attached to subscribe for bearer shares of 

Continental Aktiengesellschaft 

Issue Price: 127'% 

Interest: 4 V«% p. a., payable annually in arrears on October 6 

Repayment: October 6, 2002 at par 

Subscription Right: Each bond in the denomination of SFr. 5,000 is issued with five bearer warrants entitling the holder to 
subscribe for a total of seventeen bearer shares of Continental Aktiengesellschaft in the nominal amount of 
DM 50 each at a subscription price of DM 360 per share. The warrants are detachable as from October 6, 
1987 and may be exercised from November 6, 1987 through October 6, 1997. 


Listing: 

- bonds 
-warrants 


Zurich, Basle, Geneva, Bern, and Lausanne 

all German stock exchanges, Luxembourg, Zurich, Basle, Geneva, Bern, and Lausanne 


New Issue 
October 6, 1987 


Thb advertiseme n t appears 
as a matter of record only. 


Continental Rubber of America, Corp. 

Wilmington, Delaware, U.S. A. 

DM190,000,000 ; 

6%% Deutsche Itek-Bonds of 1987 due 1997 

{ unconditionally and irrevocably guaranteed by 

j Continental Aktiengesellschaft 

| Hanover, Federal Reputrifc of Germany 
| with warrants attached fo subscribe for bearer sharesof 

| Continental Aktiengesellschaft 


Union Bank of Switzerland Swiss Bank Corporation Credit Suisse 

Deutsche Bank (Suisse) S. A. Morgan Stanley S. A. 


Swiss Volksbank 


Bank Sarasin&Cie 


Bank Leu Ltd 


Private Bank and 
Trust Company 


Members of the 
Groupement des Banquiers 
Priv6s Genevois 

Members of the 
Groupement de Banquiers 
Priv6s Zurichois 


Swiss Cantonalbanks 


Issue Price: 
Interest: ■ 
Repayment: 


134% / 

6%% p. a, payable al 
October 6,1997 atpj^ 


illy in arrears on October 6 


Subscription Right: Each bond in the denomination of DM 5,000 is issued with four bearer warrants entitling the holder to 
subscribe for a total of. sixteen bearer shares of Continental Aktiengesellschaft in the nominal amount of 
DM 50 each at a subscription price of DM 360 per share. The warrants are detachable as from October 6, 
1987 and may be exercised from November 6, 1987 through October 6, 1997. 


Listing: 

-bonds 

-warrants 


Frankfurt am Main Bnd Hanover 

all German stock ejcchanges, Luxembourg, Zurich, Badq, Geneva, Bern, and Lausanne 


Deutsche; 

AktiengeseJIscta 


Morgan Stanley GmbH 


Bayerische Vereinsbank 

Aktiengesellschaft 

Commerzbank 

Aktiengesellschaft 


Algernon* Bank Nede r land N.V. 

Banca Conwnerdale Itaflana 

Bank in Liechtenstein (Frankfurt) Gmb 

Banque G6n6rale du Luxembourg S-Aj 
Baring Brothers &Co« J 

Limited j 

Berliner Bank / 

Aktiengesellschaft j 

Crddit Co mm er ci al de France j 

CredHamtatt-Bankvenrin j 

Delbvflck&Co. 

Dominion Securities ho. / 

Euromobffiare S.pA . - 

Georg Hauck&Sohn Banlders / 
KbmmanditgflSflllschsftBuf Aktien I 
Leu Securities 

limited r 

McLeod Young Weir Internationa 
Limited . 

B.MetzferseeL8ohn&Co. / 

KommandHgesNIachsft auf Aktien / 

The Nlkko Securities Go* i 

(Deutschland) GmbH / 

Horddeutmche Landesbenk / 

Gfa ra an tri ria j 

pitvatbanken A/S / 

Shearson Lehman Brothers •riemation 

Swiss Cantonalbanks / 

MM. Warburg-Brirtckmam, VwtzACo, 

Wbod Gundy Inc. / 


I Berliner Handels- und 
'Frankfurter Bank 

Dresdner Bank 

AktiengesaUschaft 


BNP Capital Markets 

Limited 


Morgan Guaranty GmbH 


Schweizerische Bankgesellschaft 
(Deutschland) AG 


BadenWQiiteiiiberglsche Bank 
Aktiengesellschaft 

Banca del Gottardo 

Bank oflbkyo (Deutschland) 
Aktiengesellschaft 

Banque Int e r n a t ionale 6 Luxembourg SA 
Bayerteche I t y poth eke n - und Whc h a a kBanfc 
AktiengesaUschaft 
Chemical Bank 
AktiengesaUschaft 
* Credit Lyonnais SAAOo 
(Deutschland) oHG 
CSFB-Effectenbank 
Den Danske Bank 

EBC Amro Bank 

Limited 

Oon e m l o Bank 

fad uatriebank von Japan (Deutschland) 
Aktiengesellschaft . . . 

M anu f ac turers Hanover 
Limited 

Merck, Hnck&Co. 

8amuel Montagu ft Co. 

Limited 

Nomura Europe GmbH 

Sal. Oppenheim jr.ACfa. 

Salomon Brothers AG 

SocMtd Gdndrale - 
Etsfteebche Bank & Co. 

Swiss Volksbank 
S.G, Warburg Securities 

\terefa8- und Wtatbank 
Aktiengesellschaft 


Julius Baer International 
Limited 

Bank for Qemainwlrtaoliaft 

AktiengesaUschaft 

Bank J. Vontobel ACol AS 

Banque Paribas Capital Markets GmbH 
JoJkBarenbatg, Gassier AOa. 

Copenhagen Handatabank 

CrikUtdu Nord 

Dtdwa Europe (Deutschland) GmbH 
Deutsche Bank Capital 
Corporation 
Enekflda Securities 
Skantfinaviska EnskBda Limited 
Groupement Privti G en e v ois SJL 

Kredwtbanfc S.A. Luxantiwurgeoiao 

MarcanL Stein &Cix 

MerrJU Lynch International ACo. 

Morgan Grenfell ACo. 

Limited 

Norddautachc Gano— nachaftabankAG 

Orion Royal Bank 
Limited 

Schwetaeriseher ttankvmin 
(Deutschland) AG 
Svanaka Handotebankan PIC 

TrinkaiteABuifchardt KQaA . 

WbstMenbanfc 

Aktiengesellschaft 

Yamalohi international (Deutschland) GmbH 




Bank Cantrade Ltd. 


Chemical N.Y. 

Capital Market Corporation 

Morgan Guaranty 
(Switzerland) Ltd. 


Banca della Svizzera Italiana 
Swiss Deposit and Credit bank Bank Hofmann Ltd. 




Banque Romande 

Commerzbank 
(Switzerland) Ltd. 




Dresdner Bank 
(Switzerland) Ltd. 


Nomura 

(Switzerland) Ltd. 




New Issue 
October 6. 1987 


This advertisement appears 
as a matter of record only. 


Continental Rubber of America, Corp. 

Wilmington, Delaware, U.S.A. 

U.S.$ 75,000,000 

9%% U.S. Dollar Bonds of 1987 due 1997 

unconditionally and irrevocably guaranteed by 

Continental Aktiengesellschaft 

Hanover, Federal Republic of Germany 

with warrants attached to subscribe for bearer shares of 

Continental Aktiengesellschaft 


Issue Price: 
Interest; 
Repayment: 
Subscription Right: 


Listing:, 

-bonds 

-warrants 


130% 

9%% p. a., payable annually in arrears on October 6 
October 6, 1997 at par 

Each bond in the denomination of U.S. S 5,000 is issued with ten bearer warrants entitling the holder to 
subscribe for a total of thirty bearer shares of Continental Aktiengesellschaft in the nominal amount of 
DM 50 each at a subscription price of DM 360 per share. The warrants are detachable as from October 6, 
1987 and may be exercised from November 6, 1987 through October 6, 1997. 

Luxembourg stock exchange 

all German stock exchanges. Luxembourg, Zurich, Basle, Geneva, Bern, and Lausanne 


Deutsche Bank Capital Markets 

Limited 


Morgan Stanley International 


BNP Capital Markets 

Limited 

Daiwa Europe Limited 


Generate Bank 


Morgan Guaranty Ltd 


Commerzbank 

Aktiengesellschaft 

Dresdner Bank 

Aktiengesellschaft 


Credit Suisse First Boston 

Limited 

EBC Amro Bank 

Limited 


Merrill Lynch International &Co. Mitsubishi TVust International 

■“ Limited 

..Nomura International Limited Swiss Bank Corporation 

International Limited 


Union Bank of Switzerland 
(Securities) Limited 


BayeriwiteHypirihelewn-uiKlVtechseWSai* Bayerteche Uuelnsbank 
Aktiengesellschaft Aktiengesellschaft 

Chemical Bank In t erna ti onal DdbrQck&Co. 

Limited 

Sal. Oppenheim jr. A Go. 


S. G. Warburg Securities 


Berliner Handels- und Frankfurter Bank 

Norddeutsche Land as bank 
Giroantrale 

IULM, Warburg -Sri nckmann, WirtzflCo. 




60aOSOOOCCiao00000800a#09«OBS9*»t)De*OOOg*«0»B«0 90 9000000000*0 9 0«59»La»£>9i5eCtB9008000*Ofl9Oi1oeo<JOO*t0eOf09i?0«C»0O3»00*0e0eeOOC000 0»00afitODe3Cr0*O0!>0frC8.C 00000 *0000*0 .octeoa 


COMMODITIES AND AGRICULTURE 




BY DAYID BLACKWELL 


THE INTERNATIONAL Coffee 
Organisation finally got its act 
together in the early hours of 
yesterday morning, agreeing to 
the reintroduction of export 
quotas— to the obvious relief 
of all delegates. 

Representatives of both con- 
suming countries and producing 
countries left London for home 
with the feeling that their 
decision was a shot in the arm 
for both ICO and the SlObn-a- 
year world coffe trade, which 
has seen prices falling steadily 
since quotas were suspended in 
February 1986. 

Producers were arguing right 
up to the last minute over the 
distribution of quotas among 
exporting countries— and a 
decision on this was seen as 
the key to the successful out- 
come of the talks. Yet before 
the ICO talks got under way 
more than a fortnight ago. all 
the pointers suggested that, as 
the market pressures on them 
increased. producers were 
determined to come to a con- 
sensus on quotas. 

Last month the world’s lead- 
ing coffee producers — Brazil, 
Colombia and 11 other Latin 
American countries — agreed in 
Mexico that they would seek 
the reinstatement of quotas at 
the ICO talks. A week later a 
two-day emergency meeting of 
the Imer-African Coffee Organi- 
sation in Abidjan, capital of 
the Ivory Coast, resolved to 
take a unified stand with their 
South American counterparts. 

The negotiations in London 
were so tough, and took so 


long, because consuming coun- 
tries wanted to change the 
balance of the allocation of 

quotas to what they term 
“ objective criteria "—that is 
figures based on available 
supplies and stocks. 

Producing countries, led by 
Brazil, were proposing a corn- 


quotas — and it is this figure 
which would have been used in 
any allo cation based 00 "Objec- 
tive criteria." 

In the event the producer 
proposals were accepted for the 
1987/88 coffee year, which runs 
from October to October, with 
Brazil accepting a symbolic cut 


2nd. Position futures { £ per tonne ) 

3000 mi —i 


2500 


2000 ‘ 


1500 i 

Export- 

Quotas suspended 

ioooU 

Dec Jan 1986 


Jan 1987 Oct 


plicated formula for the alloca- 
tions which consumers said con- 
tained too much political bar- 
gaining. 

Brazil — the world's biggest 
producer — would have lost 
heavily if the consumer's plans 
had been implemented. Its dis- 
astrous harvest of 14m bags last 
year after a drought precipi- 
tated the suspension of the 


in its quota to 30.48 per cent 
from 30.55 per cent. 

This year Brazil's harvest Is 
put at 35.8m bags, so by the 
time the next phase of the 
agreement, based on the con- 
sumer countries’ formula, Is 
implemented in the 19S8/89 
year Brazil should once again 
have a sound base for its 
allocation. The agreement, 


German report urges CAP price cuts 


BY TIM DICKSON IN BRUSSELS 


SHARP PRICE cuts for 
European farmers are advo- 
cated in a new report just 
published by a Bonn-based 
international study group. But 
the team of predominantly 
West German academics says 
agricultural incomes should be 
protected In other ways, 
notably through payments for 
"environmental services” and 
direct income support. 

The CAP reform strategy 
outlined in tbe report is based 
on a clear separation of the 
Community's market— and in- 
come-orientated policies. The 
authors point out that the EC's 


agricultural policy Is almost a 
classic case of “too many goals 


classic case of “too many goals 
being achieved with too small 
a number of instruments.” 
Thus "one instrument (price 
policy) is at present used to 
achieve four different goals in 
the Treaty of Rome, namely 
productivity increases, farmers' 
income support, market stabili- 
sation and low consumer prices. 
Any instrument is inadequate 
if it has to serve too diverse 
purposes." 


The study maintains that as 
a “first best” solution market 
clearing should be achieved by 
"a reduction of prices in real 
terms larger in scale than the 
productivity increase in the 
agricultural sector. EC prices 
would then also come closer to 
an internationally comparable 
level and thus reduce the need 
to pay enormous export sub- 
sidies — a prime cause of inter- 
national conflicts." 

This policy would be phased 
in over several years to avoid 
“ unacceptable effects ” on farm 
incomes. Meanwhile, the bur- 
den of the CAP would be re- 
duced to the extent that non- 
farm employment and income 


are created through the pro- 
posed expansion of the EC's 
structural funds, special " re- 
wards ” should be introduced 
for the environmental services 
of farmers, whilst direct income 
support would be provided 
either by way of compensation 
for capital losses or by way of 
direct financial transfers inde- 
pendent of production and en- 
vironmental services. The “de 
sired” Income level, the report 
stresses, should vary according 
to the level of income in the 
region or country concerned. 

The study acknowledges that 
slow economic growth and 
laborious EC decision making 
may prove serious obstacles but 


suggests that modest price cuts 
at least, a tightening up of the 
intervention and guarantee 
mechanisms, and a <>r 

of responsibility 
(possibly including guarantee 
thresholds) will be necessary. 

“ By comparison quotas not 
only require comprehensive 
administrative regulations, but 
also increase distributional con- 
flicts and are difficult to revoke 
since quota owners will fight 
hard to defend their acquis.” 

Common Agricultural Policy, 
European Integration and Inter- 
national Division of Labour; 
available from Ewropa Union 
Verlag, Bachstrasse 32, D-5300, 
Bonn. 


Payment delays anger UK exporters 


BY BRIDGET BLOOM 


LONDON METAL ECHANGE 
WAREHOUSE STOCKS 
(Change during week ended last 

Frida ’ ,) (»„*,) 

Aluminium 


standard 

-3.825 to 62,400 

high grade 

-11.475 to 21.675 

Copper 

—3.250 to 105J50 

Lead 

-ICO to 19^00 

Nickel 

-438 to 3346 

Tin 

— 235 to 21,095 

Zinc 

-2.700 to 32,850 
(ounces) 


+112,000 to 204,560,000 


DELAYS IN the payment of EC 
refunds on the export of 
agricultural produce from 
Britain are jeopardising ex- 
porters' competiveness, the UK 
Provision Trade Federation has 
claimed. 

The federation, which repre- 
sents importers and exporters 
of dairy product, has written to 
Mr John MacGregor, the Minis- 
ter of Agriculture, complaining 
that its members are owed 
some £7 5m. It estimates that 
delays across the board amount 
to some £3 00m. 

Export refunds are paid by 
the Intervention Board for 
Agricultural Produce, the 
government body which 
administers the support pro- 


gramme of the EC's common 
agricultural policy in the UK. 

The refunds -make up the 
difference between the gener- 
aly low world market prices for 
agricultural produce and the 
high internal prices. 

The UKPTF says that the 
Board's 28-day payment target 
is unsatisfactory, but even that 
has rarely been met since its 
monitoring of the Board's per- 
formance began in 1985. accord- 
ing to Mr Alan Chandler, the 
Secretary General. He says pay- 
ments are frequently delayed 
for more than 50 days, making 
British exports uncompetitive 
with those of other EC states. 

An Intervention Board offi- 
cial yesterday acknowledged 


esping the land in good heart 


THERE IS little time for rest 
after harvest is over these days. 
Because of the increase in 
autumn sowing of wbeat and 
winter barley the land has to 
be cleared of the waste straw, 
weeds have to be killed and a 
seed bed worked all in a matter 
of a very few weeks. 

At the same time the days 
are getting shorter and there is 
great pressure on a farmer and 
his men. I have been more 
stressed by autumn planting 
than by any other farming 
operation. 

It was not always so. There 
used to be a rule that one did 
not plant wheat after wheat. In 
fact wheat — which was the most 
profitable crop in the rotation 
— required special preparation 
and would usually follow a 
fallow, grass or a root crop. 
Unless this rule was observed 
there was every chance that the 
second wheat would be subject 
to various diseases for which 
theTe were no known cures. 
Some of these diseases can be 
controlled now with modem 
fungicides and weed killers, but 
in a had season, like the past 
summer, the second wheats can 
still suffer quite a lot of 
damage. 

The principle of rotating 
cereals goes back a long way. 
Farmers discovered tbe bene- 
ficial effects of a clean break 
between similar varieties of 
cereals and the same applied 
to other crops. As a tenant 
farmer I was bound to respect 
a certain rotation and when I 
became my own landlord and 
could do what I l»ked I never 
planted wheat after wheat with- 
out a spasm of apprehension— 
the result no doubt of a guilty 
conscience. 

Sometimes I got away with 
It and had a good yield but on 
other occasions I suffered quite 
bod attacks of a soil-borne 
££3383, afjpjgy ca!M Take All, 


FARMER'S n 
VIEWPOINT 

By John Cherrington ^ 


which decimated yields. In 
addition any gTass weeds which 
survived the autumn cultiva- 
tions would have nine months 
to establish themselves along- 
side the cereals and perhaps 
smotber a portion of the crop. 

There are several grass weeds 
common in my area of 
Hampshire, the worst of which 
are couch, agrostis repens, and 
tall oat grass, which we call 
onion couch. These can be 
killed by sprays at certain 
times of the year but there is 
no selective spray which will 
kill (hem ip a grain crop. 

There is another pernicious 
grass weed, called sterile brome 
grass, which can smother a crop 
once it becomes established. I 
do my best to destroy these 
grass weeds by autumn cultiva- 
tions. moving the soil several 
times in a matter of weeks. In 
a dry time this works quite welL 
the couch grass is shaken out of 
the soil and brought to the sur- 
face where « sometimes dies. 
However, if there is too much 
moisture it will start growing 
again. In these circumstances I 
find it best to forget about 
autumn plantinc and reserve the 
land for a spring sown cron. 

These autumn cultivations are 
very expensive in fuel and snare 
parts costs— my land is full of 
flints and the points on mv culti- 
vators soon have to be repaired 
or renewed. Bui I believe thev 
are essential to keeping the land 
in good trim. There has been 
a great deal of talk in recent 
years of the damage that heaw 
machines do to the soil struc- 


ture when working on it. I do 
not think this is well founded 
— in any case 1 am not sure wnat 
people mean by soil structure. 

It is quite true that if you 
allow clay land to get wet and 
then stir it about with a culti- 
vator you are performing the 
first step for making bricks. 
Then if you run a heavy 
machine on it you will press 
it down so bard that it will 
stop natural drainage. But this 
is a temporary effect. Surface 
soil in my opinion and experi- 
ence will quite soon recover its 
qualities by natural means. 
Plant roots will infiltrate and 
then shatter the toughest 
beaten clay in time. A hard 
frost will assist the process. 

It is as well to remember 
that most of Europe has been 

farmed for at least 2.000 years 
and that yields have been pro- 
gressively increasing all that 
time. Land has gone out of 
production on the mountain- 
sides and elsewhere, but that 
had nothing to do with the way 
the soil was farmed. It simply 
became economically unvlable. 

A farmer’s real concern is 
mainly with the top soil, a 
matter of 4 to 12 inches deep. 
This is the living soil which 
contains the plant food and 
organisms which make plants 
grow. This does not wear out 
as it is constantly renewing it- 
self naturally by absorbing 
plant residues and miring with 
the subsoil. Cultivations assist 
this process by gradually wear- 
ing away the subsoil and mik- 
ing it in the whole. 


In my opinion the plough is 
by far the best tool for soil 
management. although not 
everyone agrees with me. 
Ploughing is a slow job and 
very costly in time and wear. Its 
effect is to turn over the top 
soil and bury the weed seeds 
and residues of the previous 
crop and it is quite easy to 
make a good tilth on a fresh 
upturned furrow. 

There have been many 
attempts to make ploughing 
obsolete and I have tried most 
of them. Farmers are suckers 
for new ideas and I am as im- 
pressionable as any. 

About 15 years ago I was 
introduced to a system of mini- 
mal cultivation. A Cotswold 
farmer showed me how it was 
possible to make a seed bed by 
simple shallow cultivations. The 
weeds were sprayed out and 
the soil left just right to be 
planted. 

I came home thrilled, bought 
the tackle recommended and 
set about implementing the 
new technique. But my soil is 
not that of the Cotswolds and 
I had a job to make a seed 
bed. Then not all weeds could 
be killed by spraying and 
sterile brome just delighted in 
the system. It is always present 
in the hedges, sheds its seeds 
into the crop. It bothered lots 
of people who had taken up 
the new idea. -Research showed 
that it was best controlled by 
burying tbe seeds at least 
6 inches deep by ploughing. 

So now I see to it that my 
autumn wheat is sown, as far 
as possible, as a first crop after 
grass, peas, beans or oats. Oats 
for some reason do not carry 
the wheat diseases. The land 
is all ploughed before planting 
and the furrows worked down 
to make a seed bed. It is time 
consuming and expensive. But 
I have found through some 
bitter experiences that there 
are no short cuts in farming. 


LONDON 

MARKETS 


which is for a world total 
export quota of 58m bags, Is ! 
designed to push world coffee 
prices up Immediately into the 
range which the ICO is defend- , 
ing — 120 cents a lb to 140 ! 
cents a lb. It provides for cuts 
of 1.5m bags in -the total export 
quota if the 15-day average 
price (the measure used) Is not 
at 107 cents a lb by tomorrow; 
a further cut of 1.5m bags if 
the price is below 110 cents a 
ib on November 1; and a lm 
bag cut if it is below 113 cents 
two weeks later. 

The latest 15-day average 
price available, for October 2. 
is 104.17 cents a lb. Prices in 
New York reached as high as 
126 cents a ib in morning trad- 
ing yesterday, and the Novem- 
ber position robusta contract 
added £61.50 to close at £1.399 
a tonne on the London Futures 
and Options Exchange — the 
highest price since February, 
when the last set of ICO talks 
on quotas failed. 

Some analysts believe, how- 
ever. that there will not be a 
big rise in coffee prices in the 
long term. When the market 
has time to reflect, said Mr Neil 
Rosser of Landell Mills Com- 
modities Studies, dealers win 
realise there is still plenty of 
coffee about 

Stocks held in consumer 
countries are not particularly 
high but Brazil and other pro- 
ducers had been exporting 
frantically before thp r-- 
talks began — and there is a lot 
of coffee already on the high 
seas. 


ALUMINIUM PRICES on the 
London Metal Exchange 
reached 74-year highs in 
dollar terms and near record! 
levels in sterling terms yester- 
day before being trimmed 
baek by profit taking. The 
dollar - denominated high 
grade contract closed at 
82,045 in the position, 

np 595 front last Friday's 
dose, while the cash standard 
contract gained £25 to £1.246 
a tonne. Dealers attributed 
the market's strength to con- 

tinned speculative buying and 
covering against earlier short 
sales against a background 

of tight physical supplies and 
bullish chut patterns. They 
also noted technical tight- 
ness in the LME itself based 
on potential options declara- 
tions. The copper market was 
also strong with the three 
months Grade A quotation 
hitting a year two-high of 
£1,144 a tonne at one stage. 
Existing bullish sentiment 
was given fresh impetus bv 
Friday's overnight strength 
in the New York market and 
the early weakness of sterl- 
ing aeainst the dollar. A fall 
in LME warehouse stocks of 
the metal last week gave 
further encouragement to 
buyers, as did tbe per- 
formance of aluminium. 

LME prices suonlied by 
Amalgamated Metal Trading, 


ALUMINIUM 


9®.7t | Unofficial -l- or ) Hlgh/Low 
purity | clows fp.m.) — | 


S per fauna 


suh 

months) 


3O40-EO i + 96 
1070-80 I +40 


Official closing (am): Caah 2040-50 
(1BB0-1B00). thraa month* 18^-70 
(1810-20). aattiamant 2060 (1900). Final 
Kerb data: — . HI no turnover 1.200 
tonnes. 


Cash 1845-7 
3 month* 1 1146-6 


+28 — 

1 + 31 1161(1144 


Official dosing (am): Cash 1254-6 
(1199-1200). thraa monrim 1150-1 
(1106-7). aattlamont 1256 (1200). Final 
Kerb cloaa: 1148-60. Ring tumovan 
24,800 lOnnua. 


COPPER 


(Unofficial +oi 
■ cloaa — High/Low 
£ par tonne. 


Caah 
3 months 


1169-60 + 27.5 — 

il 143-5-5! + 89 1144(1133 


Official closing (am): Caah 1156-7 
(1134-6), thraa months 11375-38 


(1114.6-15.5). settlement 1157 (1135). 
Final Kerb cloaa: 1141.5-42. 


Standard < I 

Caah | 1166-6 +88 — 

3 months 1137-B +26 — 


Official closing (am): Caah 1153-5 
(1131-3), thraa months 1137-3 
(1110-12), setttamam 1156 (1133). US 
Producer prices: 84-5-88.25 cants par Ib. 
Total ring uimovar: 35,375 tonnes. 


LEAD 


that the Board's performance 
had suffered recently, partly 
because of a shortage of staff, 
and partly because there had 
been problems installing a new 
computer system. IBAP was 
"keeping its fingers crossed” 
that the new system would be 
iu operation in the new year, 
wf'nr- 'performance should Im- 
prove.” 

i'i.e Board had a turnover 
last year of £2j8bn. Receipts, 
mainly from the sale of surplus 
produce, were £563m. It 
administers some 45 support 
schemes, ranging from buying 
and storing surplus commodi- 
ties to administering border 
taxes and paying export subsi- 
dies. Its administrative costs 
were £24 m in 1986. 


Unofficial + or 
ciosa (p.m.1 — Hlgh/Low 

£ por tonna 


Caah 376-7 
3 Months) 866-7 


(376(376.5 

1374/364- 


Official closing (am): 375.5-76 

(374-5), throe months 367-8 (368-7). 
setdemant 37S (375). Final Kerb cloaa: 
363-4. Ring tumovsr 8,325 tonnes. US 
Spot: 42 cams por Ib. 


NICKEL 


Unofficial + or 
cloaa (p.m .1 — High /Low 
£ por tonna 


Cash 13346-60 I +88.6 3360 
3 months >3348-50 f +21.6 (33B&ISM 


Official closing (am): Caah 3380-60 
(3340-50), thraa months 3356-60 
(3341-2). aoniamont 3380 (33G0). Final 
Kerb cloaa: 3246-50. Ring Turnover 
1.062 tonnoa. 


ZINC 


i Unofficial + or 

arada o]ou ‘ — Hlflh/LOW 

flraa " £ par tonna 


Caah 479-80 1+7.8 

3 months 480-1 1+7 


Official dosing (am): Caah 474.5-5.5 
(473-4), throe months 4795-77 (473-4), 
aattiamant 475.5 (474). Final Kerb 
cloaa: 481-2. Ring turnover. 12.550 
tonnas. US Prime Western: 43-43.75 
cents per Ib. 


LONDON METAL EXCHANGE 
TRADED OPTIONS 



Strike 

Price 

Colls 

Puts 


S (tonna 

NOV. 

NOV. 

Alum In- 


_ 


Ium 

mm 

— 

— 

8B.7% 

— 

— 

— 


Copper I 1,800 ] 91 88ta]2Sia 79 
(Grade A) I 1,880 60 76 41 106 

j lfroo! 37 67 j 671»1BB 

Coppar f^lSs*] 4lia 48 Ill's**, 
(Grade A)J 1,150 86 if 37 |81 691* 

ljl7S lOlfl 28 |35 76 


loigsa |35 


GOLD 


GOLD BULLION (fine ounce) 


INDICES 

REUTERS 

Oct, 5 iOct. 2 ogoVcariiao 

1680.0 ll841.0 I 1640,6 16 65.0 
/Rue Suumhar 18 lRheinn 


(Base: September 18 1831 —100) 

DOW JONES 


** I ■ i 

Spot 226.7512633 — 192.80 

Fut 131.42 130.6S) — 182.68 

(Baler DsMmbar" 31~1B3l'»1 00) 


MAIN PRICE CHANGES 


Oct. 5 + . or Month 
1897 — ago 


METALS 
Aluminium 
Free Market.. 

Os eh Grade A. 

3 months _. 
Gold Troy oz... 
Lead Oash—.i. 
5 months — 

Nickel - 

Free Mkt 

Palladium oz 
Platinum ox... 

Qulcksihrart ~ 
SKver lro» oz. 

3 months 

Tin- — 

free Mkt 

Tungsten . 

Wolfram 2LQb 

Zinc. 

3 months— 
producers > 
OILS 



I+2MS1QSS 

+ UBW463.78 
r—8 JC418 


. *133.00 
. 5667.00 
. 8898CSQE 


.j47B.60p 


+2 )2 57/8570 
-0.g5 l 38.6O 

+ 1^08603.40 

.teams ib 

+2.4C463.10P 
+ 2.75*474. 70p 


.. 84160(18 
_ 863.78 
... 83B(SO 
_ £479.5 
..£480.6 

J8860 


Coconut (Phil) 
Pslm Malayan 

Seeds 


l—ZTSwS* - 

«38G 


Copra (Ph In 3380 
Soyabean (UA) W158 



t Unquoted, t Per 75-lb flask, c Cents 
a pound. * Cotton outlook, w Oct-Nov 
u Sapt-OcL y Nov. x Dec. t Nov-Dsc. 


SILVER 


Silver was fixed 2.4p an az higher 
for spot delivery in tha London bullion 
market yesterday at 466.4p. US cent 
equivalents of the Axing levels were: 
spat 756.75c, up 34c: thraa -month 
7728c. up 4.06c: six -month 789.25c. 
up 3.75c; and 12-mcnth 824.06c. up 
S.6c. The metal opened at UUSTHP 


5-767e) and dosed at 469V471p 
2 -764c). 


SILVER Bullion 4* or] L.M.E. +■ 01 
por Fixing — p.m. — 
troy oz pries tUnorf ic'l 


Spot 

3 months. 
6 months. 
11 months 


...'466.40pri-2.40 760c +13 

is. 47B.60pH-8.75 776c +14 

is. 480.60pU2.46 — — 

h* 514.46 pl+3.6Sj — — 


COFFEE 


York foiled .to follow-through attar 
making Its dues. General profit-taking 
by trade and commission houses took 
market values lower in good volume, 
and tha close was at tlw Iowa of tbo 
day. 


COCOA 


Altar failing to attract much interest 
futures ended a dull day unchanged. 
Physicals experienced the same lack 
of excitement and, with both producers 
and consumers absent, drifted to an 
equally unintamting finish, reports 
Gill end Duffua. 


■488(476] 


Yesterday's] 

dose + or Business 

— done 

£ par tonne 


Doc 1 1199-1200 1+2.0 1205-1184 


March- 1231-1832 - UM-1225 

Maw 1263-1263 — 1254-1247 

July — .. 1274-1276 -1.0 1276-1288 

SaDL 1294-1896 — 1285-1289 


Sept. 1294-1896 — 1295-1289 

Dec 1313-1318 1—1,6 1318-1509 

March 1338-1*42 1-8.0 I 1540-1359 


Financial Times Tuesday October 8 ::C7 


US MARKETS 

EARLY TRADE buying too* 
erode oil futures through the 
■tty. imi baste November, 

SoTliJ Tmag c»*d 

the market to back off. 
reports Creel Burnham Lam- 
bert Later D«Se BeUJg 
forced prices tower ta the 
face of commisooti loose 
Intying and focal short*wver* 
ing. The precious metals were 
quiet Light fond and trade 
buying firmedw silver before 
profit-taking eased Pnres. 
Fund selling weakened plati- 
num, while gold was feature- 
less. Copper finned on trade 
commission house bay- 
ing in light volume. 

Coffee rose sharply on news 
that an agreement had been 
reached in the current ICO 
talks. Trade buying in sugar 
firmed the market despite 
commission house and local 
selling and gains were ex- 
tended by local short-cover- 
ing. Rumour of Brazilian 
buying steadied orange juice. 


ORANGE JUICE 


Iba; esntp/ibe 


Ckrao 
Nov 1«0.» 

J * n ’2S 

March 137.3® 
May 13T-30 
July 

Jan 135.00 


High Lev 
142.00 1383 

138 30 130 DC 
138 JO 134.3 

138.50 138.41 

137.50 1343 
135.75 1343 


w atinum so i rar o*- srtror ” 

Close Prav High Lo* 

Do* 676.0 578-0 579-0 

Dm 582.® 678.5 — ~ 

Yjr sesTo 582-0 588.0 B77.i 

iS 533.8 590 -S M3* ttS.f 

T.ff 6ffiL6 6W.B W2.Q 5MJ 

Ort 611.9 809.1 TOO «».! 

jS 821.4 618.6 — 


SiLWEH 6.000 troy Be cewra/tioy 


Close P«v High 

762.2 754.6 - 

767.0 760.0 — 

772 0 765.0 776-0 

7+7.1 770.0 — 

739.2 73Z.0 781.0 

800.9 793.7 — 

612.8 895.5 812.0 

825.3 818 1 — 


SUGAR WORLD ■’ll” 11Z.0M Km: 
cents/lbc 


JW11BCI4B 

868.47 

643/05 . 

+7.6 £447 I 

+7 £403-3 I 

mISKO 


NEW YORK 


Close 

Prev 

High 

toy 

6.60 

655 

— 

— 

7.18 

7.09 

7.18 

7cr 

7.37 

7.27 

7.38 

7.2 

7.54 

7.43 

7.55 

1A' 

7.70 

7.64 

7.72 

7.8 

7JB 

7.79 

— 

— 

8.26 

8.08 

— 

- 


ALUMINIUM 40,000 fb;» oemx/ltra 

Ctow Sfev HiSh Low 


does Prav 
84.75 83.70 


« .75 73.70 

.76 83.70 26-50 84.50 

-82.00 80.90 — — 


CHICAGO 

LIVE CATTLE 40.000 Iba: Pnn/lbs~ 


Dec 84.75 83.70 

Jan -82.00 80.90 

March 78.50 77.25 

May 73.25 72.00 

July 70.50 69.25 

Sept 70.50 69.25 


Barley Fut. Jonl£105.30 + O-20|£99.46 I 

Maize l£152.75 £167.00 ! 

Wheat Put, JarM£lZ1.26 +0.96 8106.00 1 

No. 2 H ard Wintll l t ! 

OTHERS 


c*; S/tonnes 

Prev High Low 

81.50 83 JO 83.30 

81.50 — — 

81.50 83.50 81.70 

81.00 83.00 81.60 

80.05 81.60 80.20 

78.40 80.75 79.75 


Clam 

Prev 

Hiqh 

Lav 

67.02 

67 52 

62 42 

86 Jl 

65.85 

66.47 

66.15 

«B.« 

65.10 

66.92 

6S.7B 

64.51 

66.65 

67JS2 

67 as 

86.1! 

66.70 

67.36 

67.30 

M.V 

65.40 

66.40 

66.20 

64 Jl 

64. OS 

64.80 

65.00 

64JJT 


LIVE HOGS 30.000 Iba; Cantx/lhs 


Prev Hiqh Lm 


49.30 48.85 49 37 4A5T 
46.47 46.22 46.55 46.7T 


44.27 44.02 44.37 43.71 
41.40 41.30 41.62 40 er 


43JBS 43.87 44.10 43,9 
44.17 44.20 44.17 43.71 


42.55 42.40 42.80 CUB 
39.75 39.66 38.76 39.8 


COFFEE - C “ 37,500 fca; centx/lbc 

dose Prav HMl Low 
Dee 124.68 119.06 126.01 123.80 

Manta 128.00 122-22 128.40 126.80 

May 129.60 123.94 129.75 127.75 

July 130.50 126.00 130.60 129.00 

Sept 131.6 127.00 131.50 130.25 

Dec 123.78 128J5 — — 


40.25 40.25 — 


maize 5.000 bu mtai; cents/ 
56 lb-bushel 


COPPER 25.000 Km; eems/lba 


Hah Lms 


Claes 

Prav 

Hi ah 

Lav 

786.0 

18S.0 

188.0 

1B3.< 

193.0 

193.0 

193.4 

191 J 

187.4 

197.6 

197.6 

196.1 

189.4 

199.6 

200.0 

mi 

184.4 

194.4 

19S.0 

19AI 

79SO 

iM.n 

195.4 

194m' 

2SBL2 

202-0 

— 

— 


83.30 81.50 83JIO >1.70 
82.70 81.00 83.00 81.80 


Oct 83.50 81.60 83.30 B3J30 

Nov 03.40 SI-50 — — 

Dec 83.30 81.60 KL» >1.70 

Jen 82.70 >1.00 83.00 >1.80 

March 81.60 80.05 81.60 80.20 

May 8. TO 79-40 80-75 7S.76 

July 78-80 78.10 — — 

Sept 7940 78.40 — — ■ 

Dec 79.20 78 JO — — 


PORK BELLIES 38.000 IbK centa/lbi 



Close 

Prav 

Hlah 

Low 

Fab 

58.60 

57.85 

58.65 

57 -Of 

March 

98JO 

S7.47 

58.35 

5B.C 

May 

58.97 

58.07 

58 at 

57.K 

July 

58-80 

Ejfl 3fl 

68.90 

5T.r. 

SOYABEANS 6.000 bu 

min: cent/NMb 


Three months Anal kerb 775-7c. 
LME— Turnover: 0 (1) lota of 10000 


Robusta s opened £50 higher after an 
accord far the m Introduce on of export 
quotes was reached at th« ICO meet- 
ing. reports Drexef Burnham Lambert- 
Heavy commission house buying m the 
opening comprised of sharf -covering 
end technical fresh buying as the 
market broke out of a seven month 
trading range. Good trade sailing at 
the highs trimmed gains after New 
York felled to follow-through after 


COTTON sonno |i»; csnte/lbe 

Oi-i+J HM» Low 

Oct 72.45 . 72.50 73.00 72.40 

Dec 71.04 71.75 72.10 71.00 

Merab 72.65 73.78 73.56 T2JM 

May 73.40 . 74J50 74.30 7140 

July 73.32 < 74.33 74.10 73.25 

Oct 67 JK - 68.18 — — 

Dec 66 JO ; 66.75 67-25 66JU 

CRUDE OIL (LIGHT) 

42.000 US psflona: S /bene W 

Letmt Prow Wah Law 
Now 1985 , 19.96 20.08 19.B5 

Dee 15.77 -19.77 18J8 19.77 

Jan 19.69 19.70 18.89 W£9 

Feb 19.66 .19.64 1941 19.82 

Mar 19.55 .19.98 19.74 19.60 

April 1956 IB .52 19.66 19.52 

May 19.50 39.47 19.50 19.50 

June 19.50 1944 19.50 19.60 

July 19.50 *9.41 — — 

Aug 19.80 18-38 — . — 



Close 

Prav 

HUjh 

Lw 

Nov 

538.8 

641.2 

5*3.4 

639.1 

Jan 

546.4 

547.6 

649.4 

M 6 J 

March 

553.4 

556.0 

556.4 

S53J 

May 

559.6 

561.4 

562.4 

5S9.C 

July 

963.2 

505.2 

565.4 

6624 

Aug 

568.0 

580.0 

561.0 

658.1 

Sept 

548J) 

546.0 

546.4 

E45.( 

Nov 

541.6 

541. B 

643.0 

B40n 

SOYABEAN MEAL TOO 

tone: S/ton 


Cl non 

Prav 

Hiqh 

Lav 

Oct 

777 J 

I7s.a 

179.9 

T77J 

Dec 

172.6 

T73.4 

175.0 

172^ 


BU 

17(L2 

T71B 

1694 

March 

137-9 

108.0 

VBS 

167A 

May 

166.9 

166.9 

167 Ji 

uu 

July 

168.0 

165.2 

168 J* 

164J 


1*4.5 

164.6 

165.5 

164£ 


163.6 

1S3J 

164-5 

KO.I 


182.7 

163.5 

16U 

163.1 

Dec 

162-9 

163L5 

163J6 

162J 


GOLD 110 tray az: 9 /troy az 


SOYABEAN OK. 80.000 Bk 


stsv - Hob Law 
4573 154.5 457-3 4554) 


459.7 467.2 

Dec 462-8 460-3 .4619 481.1 

Feb ■ 4893 4*6.7 '--4B9J5 ■ 487.7 

April 4759 433.2 475.6 4749 

June 48 J 479.7 4830 480.5 


Goan Prav MSoh Law- 

Oct IG.'SS 1809' 16439 16-7: 

DOC 17.23 17.23 17.28 1791 

Jan 17.43 17.45 1796 17.2 

Mar 17.79 17.78 17.18 17.8* 

May 1795 179S 1896 17.» 

July 1892 18-22 1895 18.11 

Aug 1895 1892 1890 UL> 

Sept 18 .25 16-30 18-20 18J> 

Oct 18.25 18-30 18-20 184* 

Dec 18-50 18.55 1890 IB.Bt 

WHEAT 5.000 bu min; centa/eOfb-buabe 


Yesterday) + cm 

Businas* 

close j — 

dona 


17.43 17.45 1796 179 
17.79 17.78 17.18 17.8* 


Aag 4899 
Sept 4609 


4.1 4619 4610 


NOV- |lS98-X406f+6J.8 1405-1395 

Jan - 1480-1413 +53.5 1465-1490 

Mar.—.. 1438-1448 + 46.51474-1440 - 

May- — 1467-1458! + 48.5 1490-1407 

July— 1470-1488 +40.0 1500-1480 

Sept*. 1480-15801 +41.0 1580-1409 

Nov- 1500-15881 + 86.0) — 


18 5029 601.7 


1795 1796 1896 1791 

1892 18-22 1895 18.11 


1895 1892 1890 V8.» 

1895 1890 189® 18J> 


1895 1890 1890 1821 
18.50 18.56 1890 18.R 


June 528.4 


5349 5309 — — 


Salsa: 11.866 (4.687) Ms of 6 
tonnes. 

ICO Mtoator prices (US cents par 
pound) for October 3i Comp daily 1878 
107.60 (108.06); 15-day average 104.17 
(104.13). 


HEATING OIL 42j 
oento/US gaH e n a 

Latest Pn 
Nov 6690 66.1 

Dec 68.18 68. 

Jon 56.40 56.* 

Fab 5696 50: 


5290 62.721 53.60 5290 

51.75 51>42 \ 6295 5290 

51.60 6092 61.60 5120 


624 J) 


Cloaa 

Prav 

Hlqh 

lov 


Dec 

298.4 

299.6 

299.6 

296J 

illona; 

Mar 

306.2 

308.0 

308.4 

304.1 

May 

304.4 

3014 

304A 

38IL> 


Jut 

288.0 

263.2 

Z86.0 

282.C 

Law 

Sap 

289.0 

2885.0 

— 

— 

55.75 

Dec 

289.0 

289.0 



MB 

66.10 






5640 

SPOT PRICES: Chicago loose len 

56^5 

15.00 asms) cents par pound. 

Hand} 

54.30 

and 

Harman 

silver 

bullion 

780J 


(750.0) cents par tray ounce. New 
York tin 314-315 uni) cents ps 
pound. 


tonnes. Barfly; Nov TO* .00-3. 66. Jan 
106.60-5.30 March 107.70. May. Sept 
and Nov untradsd. Saint: 102 Ion of 
100 tonnes. j 

HOCA— Locational aa-farm spot 


types including West African. 
American, Spanish. Egyptian 
Colombian, Chinese and Russian. 


SUGAR 


prices. Feed barley: Eanem 10090, 
E Ml da 101.60. N East 103.00. Scotland 
89.70. The UK monetary .fcooffielent tor 
the week beginning Monday October 12, 
(bssad on KGCA calculations using 4 
days' exchange raise) is expected to 
remain unchanged. 


LONDON DAILY PRICE— flaw sugar 
SI 50. 20 (£98.40). down $190 (down 
BOp) a tonna for October- November 
delivery. Whits sugar SI 83 90, down 
80c. 


Salas: 1,439 (3,006) lota of 10 tonnes. 
ICCO indicator prices (SDR* per 
tonne). Dolly price tar October 5: 
1.501.81 (1,498.86): 10-day average tor 
October 8: 1,527.07 (1.531.90). 


POTATOES 

With Kfringe running dame 20 per 
cant behind the previous Area seasons 
at this stage, the forecast of unsettled 
weather through to tha weekend kept 
futures steady, in a limited range and 
thin volume eontiment firmed slowly 
throughout the session, reports Coley 
and Harper. 


Yestord'a] 

Previous 


dose 

doeo 

dona 


S per tonne 


FREIGHT FUTURES ^ pST 


Although the physical market 
remained firm, future* traded In quiet 
conditions end prices tended to drift, 
reports Clarkson WolH. 


144.0- 149.0 14t>.2-146.0<1489-1469 
iea.i-iN.4 i&UMM.a!i«9-i57j 
H4.4-184.B 162.0-1 84.4 jl 64.4- 1BI9 
1R8.2- 188.4 1669-186.4 168.0-187 J 

172.0- 172.4 169.S-170.2j 171.8-1769 

175.6-176.2 1 76.2- 174.1] — 

181.8-188.4 ) _ 


No. 5 Whites 


Nov. Jan. Nov. Jan. 


| Close | High (Low I 
Dry Cargo 


Nov 64.60) B3.SO[84.0^B4.00 

Feb. — ... BB.SO 85.00 -J 

Marsh— 86.50 00. 00(86.43 86.00 

Apr (132.50 138.001 32. TO- 132.00 

May. 145. 70 145.sq 146.70-145,00 

Nov 85.00 - _ 


187.011849-188.8 1H.4-1M.( 

E" 1119-195.6 IB1.MB1.B 188.4-WU 

1S791M.0 IB4.6-18S9 197.4-1469 


AUH 260.5.202,0 1*9.0-181.0 202.0- 

Oct.._... 2M.B-206. 6)202.5-205.0 204.5- 

S9S-S-*l D - a B5 6 - M IN.B 227.6- 

Mar I 2 18.5-2 1 B. 0 liaa.Q -2 12,6 212.5- 


Alumlfl- 1,860 126 68 17 118 

ium 1 BOO 01 61 31 144kl 

B9.&X 1 1,900 40 — 180 — 


OoL 

1110 

iisoiinq 

1195(1130 


1216(1916 

1240/1206) 

1280/1826 


1240 

1840(1256) 

1 1258 

July 

1106 

1 110/1 IK- 

' ilia 

Oct. 

1100 

— 

1780 


1100 

— 

1800 


1895 

— 

1300 

BFI. 

1067.9 

1 

1065 

Turnover: 131 (355). 


Sales: 430 (277) lots cl 40 tonnes. 

OIL 


flrsc 


GRAINS 


CRUDE OIL-FOB (8 per barrel) Oct. 

Arab Light. — I — 

Arab Heavy- — I — 

Dubai - 17.15-1795*1+0.065 

Brent Blend — lB.es-xa.oo*- 0,175 

W.T.I. flpm erit) 19.90.18.96^+0.10 


KUALA LUMPUR TIN MARKET: Clew 
16.84 (1895) ringgit per kg. Down 0.01 
ringgit per kg. 


Close #455^4 -4 66*4 (SSOOLr-SBli*) 

Opening... S4S5 U -4663* (£2B1 281 lg) 


Opening... 84Bbi4-4t 
! NTn's fbt 6455.00 
, Affn'n fbt *454.38 
Day's high S 
i Day's low S 


(£200,269) 

(£279.772) 


LONDON GRAINS— Wheat: US dark 
northern spring No 2 14 per cant Oct 

98.00, Nov 97-25. US No 2 soft red 
wmnr Oct 94.25, Nov 9690, Deo 
88.50. French IIMSt per cent Oct 
13690 sailers. English feed fob Oct 
111.00 nomine 1 esller, Nov 113.00, Dec 

114.00, Jin/Mer 115.60 nominel buyers. 
April/June 11990 nominel. Maize: 
US No 3 yellow/French transhipment 
sast coast second-half Oct 132.73 
sellar. Barley: Englieh food Oct 107.00 
buyer. Oci/Oec 100.00/108.00. Jen/Mar 
111.30/112.00 buyer/eellara. 


Farced os (Nigeria) 

Ural* (off NV/b 


. SfllBa; No. 6 1.078 (1,659) lots of 60 
tonnes; no. 5 1.025 (1.601). 

• . T, il * L * le riallvery price for granu- 
letoa boiifl sugar was OP /Q03iD) 
0 ion rtd for expo n. { 1 

International Sugar A gr e em ent— 
ri S .u^ nlB por paund *ob and stowed 
Caribbean ports.) Prices for October 2: 

6 0o'(5 r 95 > ) BJI7 >Mfl|a 

fFFr P* f tonne); Dec 
11M/H3D, Mer 1173/1175. May 11*/ 
Jj*9 1 222/1232, Oct 1240/1256. 
u«e 1261/1274. 


PRODUCTS — North West Europe 


GAS OIL FUTURES 


Premium gasoline— 184.187 

Gas OH 166-167 

Heavy fuel Oil MS-106 

Naphtha 1 67- 169 

-1.5 " 

+-3.5 

■*1 Month 



Yostard'n 

Otoe 

■h or 

Business 

done 

* Nov am bar 

Petroleum Argus atlmetse 

SOYABEAN MEAL 

uss 

per tonne 

167.00 

+ 2.75 

l«7.7M5.n 


GOLD AND PLATINUM COINS 


WHEAT BARLEY 

jYwWV* |+ w Yeeri ay's 4- or 
Mntta o» 0 M — dose ( — 


- .nqvuuii ior 

most of the day. Lata commercial 
sailing left prices on e week no-a, 

report. Mulrp.cn. 


Jan 

Fob 


1+i.iRuujuw.!; 

JTi.ao |+a.26,iri987tas 

170.BB +3.76 17MI 


Am Eagle. 8460-474 

Map)ef0ef64G2 1( -472 ig 
KrgVnd M »46^4a7 
4 Krug.. ..1240-241 
I u Krug....*124ic-125lg 
Angel. *....5466469 
lUD Angol84B-53 
New Bov. 5107U-108U 
Old Sov... 61071+ 1085* 
Noble P1aL?6B6-69B 


(£28914-281) 
(£27Bis-2Bl) 
(£1473.-1484/ 
(£761.-77 U) 
(£287-288 1«) 
(£29ia-3Bl«) 
(£66-663*1 
(£66-683*) 
(£66014-3661*) 


Hoy,... 109.80 +0.80) 106.60 +096 

jan... m ^6 +oiN 106.30 +ojn 

113JJO +O.IM 107.30 +0.2B 

May 110.40 + 0 .KS 109.10 +0.1B 

Juii.... 117.15 -0.16) - - 

Seat— 100.80 +a!M| 97.50 +0,75 

102.26 *0M 100.00 +DJ& 


pmt: 


MEAT 


MEAT C090W1SSI0N— Average fat- 
sieck prices at representative markets. 
OB— Came sa.aop par kg lw (+0.04). 
GB— Sheep Ifl&.fQp per kg eat dew 
( + 2.96). GB— : , iga 7B£6p par kg lw 
(+3.0#). 

FUTURES— Pigs: Oct 86.60. sales 11- 


Wheat and barley again steadied 
strongly on firmer country trades with 
wheat values reaching Cl up before 
attracting any volume of selling 
interest, while barley found strong 
commission house/shipper selling 
pressure to close on tha day's Iswg, 
reports T. G. Reddick. 

Business dona— Wheet Nov 110,15- 
8.05. Jan 111.60-1.10. March 113.70-2,80, 
May 116.96-5.40, July 117.75. Sept and 
Nov un traded. Sales; 332 lou of 100 


£ 

S ir tonne 

.0-186J) — 1JB) — 

goo....... IK.G-1IB.2 — 0.16 136.0-1 85 J. 

1WA-1MA — 0.26 1SB.S 

April ISG.S-lifl.K -OJO — 

June. las.iMMA ~0.&d — 

August. 126.5139.6 +0.6U — 


Turnover. 7.010 lota of 100 tonne*. 

TEA 


August. 126.5138.6 +O.SH — 

Octofeor-.Jl27-tM5a.5 l+oio) _ 

Seise: 135 (62) lots of 20 Tonnas. 

COTTON 


LIVERPOOL — Spot end ehipment 
eales for the week ending October 2 
amounted to 1,038 tonnes against 884 
tonnes in the previous week. Moderate 
trading occurred in a wlda variety of 


*1 tea auction there 

were 3L2B9 packages on offer Incfud- 

Tn. Ashore, reports die 

an3 A#aoc 'ft«on. An Improved 

Ann-m- ™ demand was seen. 

w!.h7!„J mraC ¥ d taBlMggd iUPPOIt 

da «'iPHons irregular hut 
wsra ^ ’P-’So. East Africans 

BSJr* by IhB cla »" ,ot 

? 3 “ r “»■ vxh.ch showed lloia 
'antafr a 5 T m,Kilum ® end coioury 
good competition 
fl ^K C8d . by 4 - 8 d- Offshore leu 

Quoutia^ J55 X 1 VK'figS; 

S d, ng"5S2S)? B &7&23L 




f it w' 

V f;**- 


1 ^Vr- 

v 


Un 


V ' 

v 


•f! 1 











Mi 

! £ 

: '5 : 


■>. * 


* h 


i» \\ 


■r. >! 

it ]) 

'■' <c, 
■ #■» 

r *" 

,1 'I 


Financial Times Tuesday October 6 I9&7 

CURRENCIES, MONEY & CAPITAL MARKETS 


37 


FOREIGN EXCHANGES 


Dollar lacks new factors 


THE DOLLAR eras little changed 
la s generally thin foreign 
exchange market. Trading was 
confined u» a narrow range, with 
no new factors to influence the US 
currency. 

Dealers '-noted up w ard resist- 
ance at just below DM 1.85 and 
Y147JS0 but also' suggested the 
market is unlikely to test the 
resolve of central Empire .with 
heavy selling pressure. 

The Group of Seven agreement 

on currency stability, endorsed at 
the recent Washington meeting, 
tended to underpin the dollar, 
and support was also provided by 
Iranian threats about a possible 
conflict with the US in the Gul£ ‘ 

With the currency locked 

between the reluctance of the 
market to posh it higher and the 
threat of central bank intervene 
tioa, dealers were not expecting 
any significant move ahead of the 
US trade' figures for August on 
October 14. 

Recent trade figures from Japan 
and West Germany, have sug- 
gested the US trade deficit in 
August may have fallen from the 
record $16.47bn in July. 

The dollar rose to DM L8425 
from DM L8420; to FFr 6.1325 from 
FFr 6.1275: to SFr L5355 from SFr 
1-5345; and to Y14B.80 from 
y 146.35. 

On Bank of England figures the 
dollar’s index was unchanged at 
102J. 

STERLING— Trading range 

against the dollar In 1987 is L6885 
to L4718. September avenge 1.6456 
Exchange rate index rose 0-1 to 


73.6, compared with 7 13 six 
months ago. 

Sterling bad an underlying firm 
tone, ahead of .the Conservative 
Party conference, starting today. 
The main event for tbe market is 
likely to be the speech by Mr NigeJ 
Lawson, Chancellor of the Exche- 
quer. on Thursday, when dealers 
suspect he may make reference to 
the pound's possible entry into 
tbe European Monetary System, 
and to the level of public 
borrowing, 

There are unlikely to be any 
further factors moving sterling, 
unless the market is caught by a 
surprising change In Friday’s 
retail prices index for September. 

The pound opened weaker 
against the dollar, bnt recovered 
to finish V* cent higher on the day 
at $1.6235-1.8345. It also rose to 
DM 2.9925 from DM 2JJ875; to 
FFr8.se from FFiftS350; to 
SFt 2.4935 from SFt 2.4875; and to 
Y23&50 from Y237.25. 

D-91AEK — Trading range against 
the dollar In 1987 is 1-93*5 to 


L76M. September average 1.8122. 
Exchange rate index 146.1 against) 
147.0 six months age. 

Trading was quiet, with no new 
factors to influence the market 
Dealers were not prepared to buy 
the US currency on a large scale, 
but also feared central bank 
Intervention to prevent the dollar 
felling. The Bundesbank did not 
intervene when the dollar rose to 
DM1.8444 from DKL84C8 at the 
Frankfort fixing. 

JAPANESE YEN — Trading range 
against the dollar in 1987 b 158.45 
to 13&3S. September average 
143.19. Exch ang e rate index 2173 
against 2183 six months ago. 

Tbe yen weakened against the 
dollar in Tokyo. The US currency 
rose to a peak of Y147.45, but 
retreated alter foiling to break 
through resistance at Y 147.50. 
Japanese investment houses were 
keen early buyers, bnt exporters 
were sellers later in the day, and 
the dollar also fell back on profit 
taking. It finished at Y147.20, com- 
with Y 146.30 on Friday. 


EMS EUROPEAN CURRENCY UNIT RATES 



Ecu 

central 

rates 

Currency 
amounts 
agataa Ecu 
OCL 2 

9L change 
from 
cantral 
rate 

% change 
adjusted for 
dhuiQMco 

— 

Dtatrgtiice 
Hmit % 

BrMuiFnw 

42-4582 

765212 

265853 

431346 

7.99271 

267761 

+139 

+1.79 

+066 

+166 

±13344 
± 16404 
±16981 

Danis* Krone 










Irish Pont 



+068 

+164 

-065 

+065 

±16684 

±46752 

Italian Ura 

1,48338 

1498.99 


£ IN NEW YORK 


Change* arr far Em, 
AflmtmcM cates Wed 


amtore positive change denotes a weak 
tqr Financial Ham. 


~ 00.5 

Latest 

PrevfaMB 

□oh 

£Spot 


16180-16190 

1 rnomJi 

034632pm 

034632pm 

■ 3 Dumhs 

0.77-0L73pm 

0.776.75pm 

: t. 12 nontits ._ 

245265pm 

21 4- 266pm 


POUND SPOT — FORWARD AGAINST THE POUND 


Forward premiers and (Ascounti apply is the 
U5. dollar. 

STERLING INDEX 



Ocl 5 

Previous 

830 

am 

72.9 

72.9 

960 


72.9 

72.9 

1060 

am 

736 

72.9 

1160 

am 

736 

72.9 

Noon 


736 

72.9 

160 

pm 

736 

72.9 

260 


733 

72.9 

360 

pm 

736 

72.9 

460 

pm 

73.0 

72.9 


CURRENCY RATES 



Oct 5 

B ak 
out 
% 

Kg' 

Ibgtas 

Eurapean 
Conency 
• lion 

w-. . i 

Strrfrvj 


0787151 



U.S. fellkr 

6 

•127794 

112748 



CwadUnS 

8.75 

L67167 

1.47566 

1 

Austria 5dL_ 

4 

163532 

146178 


Origan Fr«_ 

7*» 

408205 

431346 

. 

Djnok Krone _ 

7 


7.99Z71 


Deutsche Mwk. 

- 3 

235243 

267761 


fiah. Guilder 

-afa. 

264597 

2337*1 

i 

fiCfdifraiK. _ 


763122 

697597 

■ % ■ . 

ItolianUra— _ 

12 

1646.91 

1496.99 


hp—TB Yra _ 

2h 

187054 

165371 

’a . , 

Norway Krone _ 

B 

859159 

738851 

' 1. \ 

Standi Peseta- 

— 

156236 

137.778 


Swedish Krooi- 

V, 

864016 



SwuaFrwe.^ . 

33 

1.95972 

1731111 


Gretk Drsih 

20*j 

180.030 

159212 

■ ; • 

Irish Poat___ 


JW7162 . 

0773625 


OCL 5 

Day’s 

reread 

CkM 

One mcxXh 

H 


K 

P 3. 

US 

16170-16255 

1 MM-l UH 

135-0-32 c pm 

248 



165 - 


y.llKS-ltM 

232482.1250 

120001 c pm 

068 

069637 pm 

8*3 

Netimlands 

336-337fe 

336-337 

VI '•c pm 

535 

3V3fepm 

446 

Brigtam 

626062.72 

62656215 

2-lBcpm 

366 

3fe-3fe pm 

025 

Denmtak 

U48)rU32fe 

U30>2-1131fe 

LVlfeorapm 

143 

3fe-fe Pm 

870 

Irelaod 

13125-10100 

13150-13160 


140 

043666 pm 

L24 

W. Germany 

29BV2996 

2.4&V2.99fe 

IVlfempta 

627 

4fe-4 par 


551 








Spain 


19030-19860 

15-50 cdb 

-1.97 

129-181 Us 

-332 

Italy 

2152 L-21 62*4 

21574r21581i 

wr-4Bredta 

-131 

8-12 «S 

-166 








France 

4.94V9.96L 

4.95**-9.96tj 

HVlVurn 

241 

4V4fe Pm 

168 

Sweden 

UU5>z-10-49fe 

1047*2-104812 

IV s * ore pm 

160 

Mfe pm 


062 

Japan 

238239 

2382394, 


660 

3V3fe pn. 

5.45 

Austria 


21652168 

Life- lOfe grepm 

669 

29fe27fepm 


5.40 

Switzerland _ 

2-48V2-49\ 

2.48VU94I 

pVlfecpm 

722 

3V3fepm 


532 





Day's 



mm 

Three 


% 

Ocl 5 

reread 

Close 

One month 

H 

■HXMhi 


P4. 

IJKt — 



035632c pn 

248 

8776.73pm 


165 

Irriandt 


KV-’-ft]-?'-! 

033668c pm 

067 

030620c pn 


869 



Is .SC'il'.l 

036639c db 




-142 . 

Netherlands . 

2671326790 

2672026730 

8486.45c pm 

269 

13B-L35pm 


2j63 

Britftmi 

38-20-3836 

38-203030 


-036 

2-lpm 


036 

Denmark 


76842-769 

060-UOor* db 

-161 

215266(1* 


-L41 

W. Germany . 

13400- 16480 

16420-16430 

062-0-58pf pm 

3.90 

X.71rl66pm 


365 

Portuual 

145245fe 

145-1451, 

45-73C dh 

-464 

140490 (8* 


-2*8 

Spata 

t» 10.1 » Ml 

1WJD.1WVI 

35-55ctas 

—441 

135-165 dh 


—4.90 

luiy 

L ■) 1 1. v 1: 

13284,-13294, 

364jBre ds 

-338 

UV13fetas 


-3.76 

Nmvngr 

fc.7ZV6.75 

672V6734, 

330-365ore Os 

-619 

835635<fl* 


-531 

France- ... 

6126-615 

633633)2 

06266Bcpta 

066 

815635pm 


— 

Snwrtan 

644V6461» 

645-64542 

0J5685oKMfls 

-130 

160220 tas 


-164 

Japm — 

14660-19725 


0306.477 pa 

3.96 

133438 pm 


355 

Austria 

12.95V1360fe 


43tH3J0pre pm 

360 

12604160pm 


354 

Swtanrtatat- 

13340-15400 

13350-13960 | 

861638c pm 

464 

152-147 pm 


369 


1 SDR rate Mr Oct. 2 


f U K an d Ireland are rianMdfa'U3LiarTtuq M~n i a m i f prem b e in a m i i ta ua r I n tn fer (atae IIS to — ta d no t 
to tbelecMdOal derawy. BHglm mb hr convertible treats. Fbandil Mae 3840-3850 ' 


CURRENCY MOVEMENTS ■ EURO-CURRENCY INTEREST RATES 


/ - ‘ 

Oct. 5 

Bonk of 
Eretaud 
Index 

Morgan 

Guaranty 

Qages.% 


Sterling 

736 

-204 

. .» 


1025 



Camdan Dollar 

794 

-96 



1366 

+106 

“ 1 

Brigteo Franc — 

994 

-4.9 

5 

Danish Krone . 

833 

+0.9 

-.1 1 W 

DntsdieMhrk 

1«81 

+216 

l.i a 

Swiss Franc _ ... 

1707 

+21.7 

- 1 

GtaUcr 

1343 

+146 

_ • 

French Franc 

Ki^l 

-136 


Lira 


-183 


Yen 

mee* 

+624 


0a. 5 


SterflBg . - 

U-S-Dritr . 

Cm. Dollar . 

D. Grider _ 

5ar. Frans _ 
Oevtsctanaric _ 
Fr. Franc ._ 
Italia* Ure. 

B. Fr. IFiaJ 
B.Fr.tCmO _i 


Morgan Guaranty changes: average 1480* 
1982-iao. Bank at England India (Base avenge 
1475-1001. 


Short, 
tern . 


wn 

zwv 

7fe-7fe 

Ufe-Bfe 

6W 

Mv«t 

3W,; 

7A-7A 


7 Dm 


WH, 

7/.-7A 

Wfe 

54-5 

2444 

3H-3R 

74-74 

11-10 

4444 

64-5*i 

34-34 

W»4 

7ii-74 


Oae 


106% 

714-74 

9.V-0S 

54-54 

34-34 

44-3U 

74-74 

114-104 

W^44 

4444 

a,V-S 

Wt 

7S-7A 


TlWK 

Mentis 


104- U>4 
84-04 
94-94 
5»-5A 
4%-4fe 


84-84 
124-H4 
44-*4 
44-4ft 
44-4 U 
104-10 
84-84 


Sla 

Months 


104-104 

8484 

104-911 

54-54 


848, 
124-U4 
7A-6U 
7-44 
548 
104-104 
8A8A 


One 

Yew 


10A-MA 

*84 

104-W4 

54-54 


4Q-4H 

oi - n 

124-124 

74-74 

74-7 

SA-5,1 

104-104 

8484 


OTHER CURRENCIES 


Leno-tarm Eurodriarx Two j 
not; fine years 10£-9gJ per o 
often* two dux' notice. 


n 94-94 per emt; three yean 94-44 per cent; 4or yen 188% per 
L nortnal, Short-tem rata are tafl Mr US DoOan and Jaganese Y«g 


Oct. 5 


Argentina _ 
Australia __ 

Brazil 

Finland 

Greece 

Hong Kong . 

Iran — 

Korea(Sth) . 

Kuwait 

Lmentnurg 

Malaysia — 

Mevico 

N. Zealand .' 
SawUAr. _. 
Sngapwe.^ 
S-Af.lCm) . 
S.Af.(Fn).. 
Taiwan.—. ~ 
UJtL - 


439104.4410 
22720^2750 
B3-61GO-84.JVJGO 
7.1790-7.1915 
226.90-230.95 
12677S0- 126960 
11720* 

129965-131880 

0.459008.46000 

. 62654245 
40285-4.1370 

2560.75-257800 

24945-24995 

6086088920 

3.4075-3.4150 

33765-33925 

53705-555*0 

48.40-4865 

5.9*00-5.9660 


2-7040-2-7150 

13990-1.4000 

51.4880-51.7150 

4.4220-4.4240 

14030-142.70 

76090-78100 

7165* 

802.7080930 

028290028305 

38203830 

23435-23445 

1577 00158700 

1337013385 

3.75003.7510 

20995-2.1005 

20805-20845 

330603.4190 

29.90-3000 

36725-36735 


EXCHANGE CROSS RATES 


Oct- 5 

£ 

. S 

DM 

Yen 

FFr. 

S Fr. 

H FL 

Lira 

CS 

B Fr. 

C 

L 

1.624 

2.993 

2385 

9.960 

2493 

3365 

2158 

2135 

6210 

5 

0*16 

X 

1643 

1466 

U33 

1536 

2673 

1329. 

Z514 

3525 

DM 

0334 

0543 


79.70 

3328 

0633 

1124 

7216 

8713 

2873 

YEN 

4393 

6609 

1255 

1008 

41. 76 

1845 

1411 

9049. 

5950 

260.4 

F Fr. 

1604 

1631 

3605 

2395 

18 

2503 

3379 

2167. 

2143 

6235 

S Fr. 

0.401 

Qj 643! 

1-wn 

9569 

3.996 

•1. 

1350 

865.9 

0656 

24.91 

K FL 

0697 

0483 

8889 

7068 

2.960 

0741 

X 

6414 

0634 

1545 

Lire 

0463 

8752 

1387 

1105 

4615 

1J55 

15S9 

1000. 

8989 

2577 

C S 

0460 

8761 

1402 

111.7 

4666 

DM) 

1576 

1011. 

L 

2909 

B Fr. 

1M0 

2615 

4619 

mi 

16M 

4614 

5419 

3475. 

3437 

WO. 


'Selling me. 


Yen per 1/XXk French Fr per 10: Lira per 1600: Belgian Fr per 100. 


FINANCIAL FUTURES 


Subdued trading 


TRADING WAS rather quiet in 
the London International Finan- 
cial Futures Exchange yesterday. 
Traders were reluctant to open 
fresh positions in the absence of 
any major economic data due for 
release this week. t 

UK gilt stocks opened on a fir- 
mer note in line with a stronger 
US bond market However there 
was a complete absence of any 
follow through and the relatively 
low volume tended to underline 
the rather passive nature of many 
traders. 

The December gilt price opened 
at 114-20 for December delivery 
and traded up to a high of 115-00 


UFFE LOUS SILT FUTURES BPTtOWS 


before slipping away to a low of 
114-16. Early interest felled to 
attract any follow through 
demand and the contract ended at 
114-26 up from 114-08. 

Throe-month sterling deposits 
acted in much the same way. open- 
ing at 89.62 for December delivery 
and trading between a high of 
89.70 and a low of 89.61 before 
finishing at 89.68. 

US Treasury bonds were higher 
after a steady to firm dollar. 

However, the stronger opening In 
London of 82-10 for December 
deliveiy was soon eroded to a low' 
of 824)1 before recovering to close 

LUTE US TREASURY BOND FUTURES OPTIONS LUTE FT-SC IBS INDEX FUTURES OPTIONS 


at 82-06. 

Dealers were a little anxious 
because there was speculation 
that a rise in Japanese interest 
rates would push up rates else- 
where but three-month Eurodol- 
lar deposits managed to show a 
respectable gain on the day. open- 
ing stronger at 91.44 for December 
delivery up from 91-30 and 
touching a high of 91.45 before 
dosing at 91.42. 

Japanese Government bonds 
opened at 94.70 for December 
delivery, up from 94.70 on Friday 
'and traded between a high of 95.50 
and a low of 94.60 before closing at 
(&20 from 59039. 



















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BMTiB 

B-, t' ! rH 



B.TTB& 


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BtifiB 

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uffe « options 

£25400 (canto ptr d) 


LONDON SE £4 OPTIONS 
£32380 (cents per O) 




Cafe— List 
Nov. Dec. 

Mar. 

Ocl 

Puto— Last 
Nov. Dec. 

Mar. 

Strike 

Price 


Catis— Last 

Mar. 


Puts— Last 
Nov. Dec. 

Mar. 

145 

1725 

Itcrl 


1765 

800 

800 

060 

010 

145 




12.90 





230 


150 

1225 

tEEj 


1225 

800 

800 


043 

150 

1240 

1240 

1240 

1240 

030 

030 

030 

860 

155 

735 

725 

725 

733 

800 

065 

826 

132 

155 

7.40 

7.40 

7.40 

760 

830 

035 

055 

140 

160 

232 

262 

599 

412 

519 

877 

1-42 

311 

160 

235 

260 


415 

845 

165 

160 

310 

165 

010 

845 

065 

200 

2.97 

360 

438 

599 

165 

035 

575 

110 

260 

315 

3.75 

425 

565 

1.70 


003 

814 

882 

767 

518 

857 

461 

1.70 

030 

035 

035 

895 

865 

830 

550 

960 

L73 

800 

0-00 

OOl 

829 

1267 

13.15 

13.44 

1428 

1.75 

— 


120 

160 



1650 

1750 


Estimated whine teal. Calls 0 Puts 100 
PtmJm* «v*i opt* M. Calls 30! Puts 3209 


Previous day’s open m: Calls 1044 Pots 119 
Vohimr. 64 


PHILADELPHIA 

023*0 (cent* 1 


SE CIS OPTIONS 

wO] 


Strike 

Price OcL 
1375 4.75 

1600 230 

1625 035 

1650 065 

1675 

1.700 — 

3.725 - 

Preview day's 
Previous day's 

LONDON 


Cans Pots 

Nov. Dec. Mar. Od. Nh. Dec. Mar. 

4.75 4.90 565 — 030 0.45 170 

235 2.95 4j05 610 030 140 235 

130 165 260 0.70 130 225 360 

030 065 1.90 230 3-10 380 530 

040 0.40 130 4.90 625 5.75 7.05 

— 0l15 030 — 765 600 — 

- 605 030 735 1800 1025 1095 

bit: Cafe 112,415 Pm 1116*9 

Cans 886 Puts979 

CHICAGO 


UFTE-EUROMILUUt OPIUMS 

An paints of 100% 


Strfce 


Calls— Let 


Price 

Dec. 

Mar. 

Jtm. 

5eoL 

Dec 

Mar- 

Jon. 

SepL 

9050 

0.96 

062 

0.79 

087 

064 

028 

052 

041 

9875 

0.75 

065 

065 

874 

060 

836 

063 

893 

9160 

855 

051 

853 

861 

013 

847 

876 

165 

9125 

038 

837 

042 

051 

021 

058 

890 

120 

9150 

823 

027 

832 

841 

831 

033 

165 

135 

91.75 

813 

819 

024 

_ 

846 

890 

122 


9260 

067 

013 

017 

— 

065 

169 

140 

— 


Preview day’s open bit Cans 1406, Pm 1554 
Estimated Vd: Cafe 75. Pm 55. 


20-YEAR 12% NOTIONAL GILT 
£50600 Kadi of 100% 


ULS. TREASURY BONOS (CBT) 8% 
—MO0Q8 Mi of 100% 


JAPANESE YEN (1MH) 
YlUn S per TWO 


Clow High Low Prtv. 
0*. 114-26 11300 114-16 1X4-08 

Mart 114-29 — — 114-U 

Estimated wlume 174 40 00.408) 

Previous day's epee IrtL 27,448 (27475) 


WH 

Br 1 — v-tB 

PI 







m 

■ <fTB 



B iV.l 

■ H 

■- ijtH 

■TrivH 



BI vt ■ 


mu 













mi },■ 



Latest High Lon Ptov. 
06852 06866 06848 06*63 

06912 06924 06906 D6920 

06980 06980 06972 06948 

— — — 07112 


6% NOTIONAL LONG TERM JAPANESE GOVT 

BONO YlOOm lOOtfn nf 100% 


Close High Low Prtv. 
Dm. 9540 9530 9460 9639 

Uadi 9430 9430 9430 95.99 

Estimated Votavne 618 (640) 

P mvk eis days apa lot. BOB (874) 


June 

Sept. 

Dec. 


78-12 

77-28 


DEUTSCHE NUUK (IMM] 

MUZSwMO S per DM 


— 

— 

— 77-14 


Latest 

High 

Law 

Ptrv. 

— 



Dec 

05461 

05470 

05460 

05462 

— 

— 


Mar. 

05509 

05515 

85509 

05509 




June 

05570 

05570 

05570 

05563 




Sep. 

— 

— 

— 

056L8 

HU 

■■■■ 


Dec 

— 

— 

— 

05658 


TH BEE -MOUTH STERLING 

£900300 potato of 100% 


US. TREASURY BILLS (IMM) 

—Iw potato of 100% 


TWREE-MONTH EUMOOUAR (IMM) 

Sim potato of 100% 



■mr.-— ■ 

mirm 

Low 

Prev. 

Dec 

8968 

89.70 

8961 

8959 

March 

8936 

89.77 

89.73 

8967 

June 

89.7B 

89.79 

89.75 

8969 

SepL 


__ 



8963 

Dec 

8961 

— 

— 

8952 



IMM 

HI* 

Law 

Prev. 

Dec 

9231 

9274 

9270 

9277 

Mar. 

9235 

9239 

9235 

92.41 

Jen. 

9267 

9209 

9207 

9214 

SepL 

91.90 



9240 

9297 

Dec 

91.77 

— 

9137 

9162 

Mar. 

— 

— 

— 

9169 


Estimated Vohnra 3,037 03281 
Previous day's well tat. 17345 07,443) 


FT-SC 100 MDEX 
£25 per foO tadn potot 


SWISS FRANC (IMM) 
SFr 125300 - per SFf 


Owe High Low Prev. 
Dec. 24435 24530 24430 24340 

M». 24835 — — 247.90 

Emnuied wtame 1384 (LU5) 

Praofaps day's open to. 5,9® (3680) 


Latest High low Prev. 
Dec. 06561 06574 06560 06558 

Mir. 06625 06633 06623 06619 

Jon. 06698 86698 06695 06684 



Latest 

tm 

Law 

Prtv. 


91.41 

9144 

9139 

9145 

lie. 

9163 

9165 

9161 

9166 

Jone 

9876 

9877 

90.74 

9879 

SepL 

9055 

9056 

9054 

9058 

Dec 

9030 

9039 

9038 

90.41 

Mar. 

js^r<Tr* 

9025 

9024 

9026 

June 



9811 

9043 

SepL 



9060 

9062 

STANDARD A POORS 500 INDEX 


$500 times tadez 





Latest 

High 

Law 

Prev. 

Dec 

33810 

33160 

32890 

33140 

Uta. 

33360 

33540 

33255 

33540 

June 

33760 

33960 

33620 

33860 

Sep. 

34820 

34250 

339.70 

34165 


PROPERTY 
ALONG THE M25 

The Financial Times 
proposes to publish this 
survey on 

FRIDAY 23rd OCTOBER 1987 

For further information contact: 

Joanna Dawson on 
01-236 9763 

or your usual Financial Times representative 

FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


Company Announcements 


TO ALL SHAREHOLDERS IN 

PALMER FINANCIAL CORPORATION 

(Formerly Transworld Energy Corporation) 

From October 1st 1987 London & Norwich Investment 
Services Limited intend to make a market in the shares of 
Palmer Financial Corporation on a matched bargain basis 
(to the extent to which from time to time the law allows). In 
order to assist this process and to al/onr London & Norwich 
Investment Services Limited to verify the records of Palmer 
Financial Corporation, they request all shareholders to 
contact them at: 

London & Norwich Investment Services Limited 
19 St JamedG Square 
London SW1 4JE 
Tel: 01-930 6133 

This announcement is made by London & Norwich 
Investment Services Limited (a licensed dealer in securities) 
acting as agent for Palmer Financial Corporation and is for 
information purposes only. It is not intended to consitute an 
offer or invitation to subscribe or purchase shares. Palmer 
Financial Corporation is a major shareholder of London & 
Norwich Investment Services Limited. 


LG. INDEX LTD, 9-11 GROSVENOR GARDENS, LONDON SW1W OBD 

(Tot 01-828 7233/5699 Reuters Code; I GIN. IGK) 


FT 30 I FT5E 100 WALL STREET 

Oct 1887/93 N/C f Oct 2402/9 4-1 Oct 2629/37 -15 

DM 1913/20 41 I Dm 2436/43 43 I Dm 2643/51 -18 

Dealing hows from Sum to 9pm. Prices taken at 5pm. 


THRECaHWIH EURODOLLAR 

n« point! of 100% - 




Hif* 

Law 

Pffi. 


9142 

9145 

9139 

9130 

March 

9164 

9166 

9162 

90.94 


9877 

9878 

9876 

9068 

Set*. 

9056 

9056 

9055 

9047 


9039 

_ 

_ 

90J0 

Mw. 

9025 

_ 

— 

9046 

June 

9812 

— 

— 

9063 


EstbmHd Winnie 5,509 0L355) 

Previous toy's flpeo IM. 30290 (29,966) 


U*S. TREASURY BONK 8% 
SUBjOOO 32a ib of 180% 


Owe High iw Prev. 
Dec. 824)6 82-14 8Z4U 814)5 

M*. Bl-10 — — 8009 

Estimated Votautt 4336 (995) 

PHwtae toy’s open to. 5699 


CURRENCY FUTURES 





3-mtt. 

frrmh. 

12-mth. 

16240 

16207 

16166 

16105 

16035 

Lrsn .,^i 


Latest 

Kitf) 

LOW 

Prev 

Dec 

16U5 

16190 

16160 

t-Aun 

Mar. 

16130 

16130 

16120 

16050 

JPBC 

16080 

16000 


15890 



Latest 

Hi* 

Low 

Prev 

Dec 

16157 

—0 


16155 

Mar. 

16101 

1-6065 

16065 

16095 


Etthmue votame 15 (13) 

Prevkaa dap's open tax 356 (356) 


MONEY MARKETS 


FT LONDON INTERBANK FIXING 


London rates stay 
steady 


ULOO uv. Ocl 5) 3 mentis Ui doom 


bid BA 


offer BA 


6 montin U S. doBart 


Wd 8*i 


offer 8»j 


The fixing rates ere the arithmetic meats, rounded to Hie nearest one-sixteenth, of the bU and 


The banks art National Westminster Book, Bank of Tokyo, Deutsche Bank, Banquo Njttaote de 

Parts end Morgan Guaranty Trust. 

MONEY RATES ! 


INTEREST RATES wore virtually 

unchanged in the London money 

market yesterday. Period rates 

were probably a fraction, easier 

where Changed with three-month 

interbank money at KW-UWi per 

cent compared with lOA-IOd pa* 
cent on Friday. 

Sterling remained steady and m 
the absence of any fresh economic- 
data, there was little incentive to 

move outside the current range. 


UK clearing bank base 
lending rate 10 per cent 
since Angnst 7 


Overnight Interbank mosey 
ipened at 10-0* per cent and 
ased steadily to a tow of 6 per 
ent in the afternoon. However, 
ome traders found It difficult to 
talance books because of an 
lectricity fault and dosing rates 
rent back to 10 per cent 

The Bank of England forecast a, 
bortage of around £200m with 
ictora affecting the market 
icluding bills maturing to offl- 
lal bands and the repayment of 
ite assistance together with a 
ike up of Treasury bills draining* 
iwjm and Exchequer transac- 
ons a farther EfiOm- to mUition 
anfc. brought forward balances 
70m below target* These were 


partly offset by a Ball in the note 
circulation which added £385 m. 

The Bank revised the forecast to 

a shortage of around £350m and 

the Bank ga ve as sistance in the 

morning of £208m through out- 

right purchases of £40m of Treas- 
ury bills and £188m of eligible 
bank bills all in band 1 at 9% per 
eent 

There was no intervention In 

the afternoon but the Bank gave. 

late assistance of £190m, making a 

total, of £388m- . 

In Frankfort call money was 
quoted at 3.75 per cent,' 
unchanged from Friday. Trading 

was quiet as dealers awaited 

today's expected sale and 
repurchase facility, which It was 
hoped would rep lace - a maturing, 
agreement of DMASbn. The* 
amount of the new repurchase 
agreement was expected to ba 
considerably in excess of tbe pre- 
vious facility because commercial 
banks are feeing a drain of at least 
DMSbn as payments are made 
today -on the Government's latest 
bond offering 

While dealers expected an 
unchanged rate of discount today, : 
some traders expressed a fear 
that a modest , rise would be in 
order to counteract the rise in 
interest rates hi the US and 
Japan. 


NEW YORK 

(LncMinu) 


Bmtar batata. 

FtaLtanb. 


F«dfimfca UmwtM _ 7J Ttaogar 


denunOI 

TWmun BBi 

Lit 

i and Bonds 


ToDVOBth _ 




TtaMDcntii _ 
Stxremdi 

667 



Ope year— — 
Ytaomr — 

7.94 

B64 

UJ yter 

30 year 

E 3^ 


Octobers 

Overdgbt 

PPB 





FoMdtat 

275-365 

3.90405 

290465 

445460 

450465 

56 1 



Uns 

life- 12 
42S 
8Vft 


7ft-7U 

liHil 

44fe 

0&-8A 

5 


tttk 

8»-9£ 

— 


— 


•rare - 

Breads 

DoMfai 

Mfe 

12V12fe 


■ 


LONDON MONEY RATES 


October 5 


StaritagCDL 


Local Antb’rRjrDepk— 
ton ) A tat artty Bator - 
Dto9oatWtDq& __ 
Cane*iuDepoflB_«_ 
Fbooee Motto DgpBkj , 
Treatin' MS <8«) — 

BmkareOw} 

FtaeTmtoBM*( 84 >> 

(MtarCOt. 


SDR Unked OnuHi . 
ECUUiMOepiato. 


Oter- 


U-6 

Vk 

9I»3 

da 


7 toyt 
atta 


n 


Va 

n 



Thrw 


KWt-lW, 

I 

* 

3015 

8M&LS 

KM 


Six 

Mcata 


10A-1W 4 

lOU 

“«« 

MA 

104 


835430 

7V7 

7Vha 


One 

Yew 


3KK 

'9t 

UHt 

m 


8.90865 

7V7I* 

7H-7H 


— — x .y. per cert; thtw-mootbs Viper cert; Badt BHb UdD: ont- 

maatb 9H per tme three ewntte 9il per cent; Trcewry Bflta; Average tender rate of dtxauM 
9.7467 px. ECGD FTited Rate Staritaa Export RmnC*. Malta wdn Septntaer 3ft 1987. Agreed 
rat** for period October 26 to Mwtmoer 24 1987, Scheme l: 11.42 PA, Schem** II & lit: 1167 
PA Reference rate far period Aim* 29 to Sweater 30, W 87, S cheflie IV. lftZMpA Local 
i aid Ftaanoo Houses seven days' notice, Mm w*i days' fated. Finance Homes Base 


Rtae lCtfa per not (ran October L 1987'. Bar* Owtit Rtoesfar sum a matt days' notice 3-3V 
per cem. Certificates of^ Tax Det»u (Sarte 6); Deposit £100,000 and over held under one month 8 
par cent; one-three months 8fa per COM M ** UM! Months XOfe par 

cent nine-12 mHthi 10% per cent; Under £100,000 B per cant tram September 35, OepuHs 
wMMnwfl far cash 5 per cent. 


£world value of the pound 

The tabic below gives the latest available rate of exchange for the pound against various currencies an October 5 1987. in some cases rate is nominal. 
'Market rates are the average of buying and selling rates except where they are shown to he otherwise. In some cases market rates have been calculated 

from those of foreign currencies to which they are tied. 

AUhiMpm: (A) approximate rate, no direct quo tati on arattabte; (F) tret rata; (P) taut on US. Mar parities and going sttrilng-MUr rates; (T) tourist rate; { Bas) baste rate s 
(bg) buying rate; (Bk) bankers’ rate; (cm) conunerdat rate; (eb) coonrtibfe rate; (fa) fmaodai rate; (txC) exchange certificate rate; (nc) bob commercial rate: (nom) aomloal; (o j 

ottkM rate; tsg) setting rate; t c) controlled rate. 


COUNTRY 


CURRENCY 


VALUE OF 
£ STERLING 


Afghanistan . 

Albania 

Algeria 

Andorra.—— 

Angola 

Amlgna 

Argentina — . 

Antal 

Australia — 

Austria 

Azores 


Bahamas . 
Bahrain . 


Balearic Islands. 

.Bangladesh 

Barbados 

'Betghjrn 

Bel He 


Bermuda . 

Bhutan 

Bolivia _ 
Botswana . 
Brazil. 


British Virgin Islands. 

Brand 

Bulgaria 

Burkina Faso — 

Borma ... 

Burundi — 


Cameroon. 


Canary Islands 

Cape Verde Islands . 

Cayman Islands — 
Cent. Air. Republic . 

Chad 

CMle 

China 

Colombia . 


Comoro I glands 

Congo (Brazzaville) . 

Casta Rica 

Qtaa 

Cyprus 


Czechoslovakia — __ 


Denmark — ■ - 

Djibouti RepsbBc of . 
Dominica . 


Dominican Republic . 


Ecuador 

Egret. 


El Salvador 

Egintorial Guinea — 
Ethiopia 



Ftendi C*ty In Africa - 

Fiend) Guiana .« 

French Pacific Islands . 


Gabon 


Gambia 


Germany (East) _ 

Germany (Welt) . 


Afghani 

Lek 

Dinar 

{ French Franc 
Spanish Peseta 
Kwanza 

E. Caribbean S 

Anural 

Florin 

Australian S 
Schilling 

Portuguese Escado 

Bahama S 
Dinar 

Spanish Peseta 
Taka 

Barbados S 
Belgian Franc 
B S 

C.F-A. Franc 
Bemudan S 
Ngultrum 
Boliviano 
Pula 
Cruzado 
U.S. S 
Bone! S 
Lev 

C-F-A. Franc 
Kyat 

Burundi Franc 

C.F6. Franc 
Canadian S 
Spanish Peseta 
Cape V. Escudo 
Cayman Isles S 
CJJL Franc 
C.FJL. Franc 
Chilean Peso 
Renminbi Yuan 
Cd. Peso 
CJA- Franc 
C.F.A- Franc 
Colon 

Cuban Peso 
Cyprus £ 

Knruoa 


Danish Kroner 
Djibouti Franc 
E. Caribbean S 
Dominican Peso 

Sucre 
Egyptian £ 

Colon 

C.F6. Franc 
EtitioQian Birr 
Falkland Isles £ 
DanMi Kroner 
Fiji S 
Markka 
Franc 

C.FJL Franc 
Local FriuiC 
C.F.P. Franc 

C.FAl Franc 
Dalasi 
Osunarir 
Deutsche Mark 


99i5 

10 33517 

76771 

9.96 

198.45 

4968 

438 

4.4160 

2.9232 

2-2735 

21-0*5 

23530 

16240 
06100 
198.45 
49.40 
33664 
/(on) 6240 
\(fn) 62.45 
33840 
49B60 
16240 
21.00 
(o) 3.4255 
2.7725 
8364 
16240 
3.4113 
1-38*0 
49&00 
10-88*5 
204.92 

498.00 
2.1345 
198.45 
144.97 
13560 
49&00 

496.00 
37062 
*.0558 
41530 
496 JM 
49660 
104.41 
13732 
0.7840 

{ (com) 8.90 
nc 1561 
(T) 1565 

115100 

28760 

438 

5-1758 

/(a) 25833 
1(F) 32664 
3605 
LUOS 
49860 
33425 
JLO 

115100 

26840 

7.1853 

9.96 

496.00 

9.96 

17660 

49860 

12.1942 

2.9925 

2.9925 


COUNTRY 


CURRENCY 


VALUE OF 
£ STERLING 


Ghana . 


Glbrahar- 
& recce — 
Greenland . 
Grenada , 


G u adeloupe. 
Guam 


Guatemala 


Guinea-Bissau , 
Guyana 


Hart! . 


Honduras _. 
Hong Kong . 
Hungary — 
Iceland — 
India. 


Indonesia . 
Iran 
Iraq 


Irish Republic 

Israel 

Italy . 


(wry Coast. . 

Jamaica 

Japan . 


Jordan 


Kampuchea . 
Kenya 


Kiribati 



Lesotho. 


Lfc)« 

Ueddenstcta 
Luxembourg . 


Malagasy Republic 

Malawi 

Malaysia 

MahUve Islands 

Mall Republic 

Malta 

Martinique 

Mauritania 

Mauritius 


Miquelon , 
Monaco.. 
Mongolia 


Moouerrai _ 
Morocco 
Mozambique _ 

Namibia 

Nauru Islands. 
Nepal. 


Cedi 

Gibraltar £ 
Drachma 
Danish Krone 
E. Caribbean S 
Load Franc 
U5. S 
Atatzal 

Franc 

Peso 

Guyanese S 

Gourde 
Lempira 
H.K. 5 
Forint 

Icelandic Krona 
Indian Rupee 
Rupiah 
Rial 

Irani Dinar 
Pum 
Shekel 
Lira 

C.FJL Franc 
Jamaican Dollar 
Yen 

Jordanian Dinar 
Riel 

Kenya Shilling 
Australian S 


Kuwaiti Dinar 

New Kip 
Lebanese £ 

Maiutl 
Liberian S 
Libyan Dinar 
Swiss Franc 
Luxembourg Franc 

Pataca 

Portuguese Escudo 

M.G. Franc 

Kwacha 

Ringgit 

Rjrftyra 

C.FJL Franc 

Maltese £ 

Local Franc 
Ouguiya 

Mauritian Rupee 
Mexican Peso 

Local Franc 
French Franc 
Tugrik 

E. Caribbean S 


Diritam 

Metical 


Netheit to d s 
Netberiand Antilles , 

New Zealand 

Nicaragua 

Niger Republic 

Nigeria 

Norway. 


OnunSulunauel. 
Pakistan 


SJL Rand 
Australian 5 
Nepalese Rupee 
Guilder 

Antillian Guilder 
N3. S 
Cantata 
C.FJL Franc 

Naira 

Norwegian Krone 
Rial Omani 
Pakistan Rupee 


283338 

3-0 

228.93 
13-5100 
438 
9.96 
16240 

II 6240 
1(F) 43880 
55165 
105462 
1434 

B.12 
33482 
336870 
77.9242 - 
63.437 
21.00 
267739 
11730* 
03034 
LI 155 
2.6025 
215835 
49860 
&72 
23830 
03615 

N/A 

2760 

23735 

13266 

1304.93 
0.45950 

5644 

462.73 
3JB45 
16240 
0.4666 
2.4925 
6200 
136494 
23530 
187060 
36720 
4.1328 
113680 
49660 • 
03680 
9.96 
12136 
2135 
(2569.43 
12532.72 

9.96 

9.% 

5.4493 

438 

1337 (sg) 
655.49 

33845 

2-2735 

34.07 

33650 

2.9232 

2.4970 

324830 

49e.00 

6.75 

ia93 

0.6230 

Z7.9 


COUNTRY 


VALUE OF 
£ STERLING 


Panama 

Papua New Guinea . 
Paraguay 


Peru 

Philippines . 
Pitcairn Islands 
Poland 
Portugal . 


Balboa 

Kina 


loti 


— f 


Puerto Rico . 
Qatar 


Reunion Isle de la. 

Romania 

Rwanda 


SL Christopher 

SL Helena 

Sl Lucia 

SL Pierre . 


SL Vincent 

Samoa American 

San Marino 

SJo Tome & Prtaope 

Sauch Arabia 

Senegal 

Seychelles 

Sierra Leone 


Singapore 

Solomon Islands __ 

Somali Republic 

South Africa 


Spain 

Spanish ports in 
North Africa 
Sri Lanla 


Sudan Republic 

Surinam 

Swaziland 

Sweden ... 

Switzerland 

Syria 

Taiwan — 

Taiuama 

Thailand . 


Togo Republic 

Tonga Islands 

Trial uadi Tobago - 

Tunisia 

Turkey ... ..... 

Turin* dew Islands 

Tuvalu 

Uganda 


United States . 
Uruguay . 


United Arab Emirates . 
USSR 

Vanuatu 

Vatican 


Venezuela 
Vietnam . 


Virgin Islands U JL __ 
Western Samoa 

Yemen (North) 

Yemen (South) 

Yugoslavia ............. 

Zaire Republic 

Zambia 

Zimbabwe 


Philippine Peso 
£ Sterling 
New Zealand S 
Zloty 
Esuioo 
U.S. S 
Qatari Ryal 
French Franc 
Leu 

Rwanda Franc 
E. Caribbean S 
Sl Helena £ 

E. Caribbean S 
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E. Caribbean S 
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C-F.A. Franc 
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m one official rate, fl) Essential goods. (21 Preferential rate far priority imports suck BfaoUJUiHs. (4) Preferential rate for Public 
a- (6) Free rale far luxury imports, rendtuncesirf iwmey abroad and foreign Irwef. (7) Parallel rale. (9) Banknote rate. (US Ran: 
<151 Nigeria, Auction price for dollar M/A. (16) Boflvla, New Currency mtretluced (Boliviano, worth lm Pesos) J» 1 1987. 

28- Nigerian Naira; 6-74. 


Trade Indemnity i xpokt cri-dit inm r.\mj:.oi: _ 39 9939. 





































































WORLD MARKETS 


FT-ACTU ARIES WORLD INDICES 


Jointly compiled by the Financial Times, Goldman, Sachs & Co„ and Wood Mackenzie- & Co. 
Ltd., In conjunction with the institute of Actuaries and the Faculty of Actuaries 


NATIONAL AND 
REGIONAL MARKETS 

Figures in parentheses 
show number of slocks 
per grouping 


FRIDAY OCTOBER 2 1997 


Day's Pound Local 

Change Sterling Currency 

% Index Index 


THURSDAY OCTOBER 1 1987 




DOLLAR INDEX 


1987 

Low j (approx) 






Europe 1955) 

Pacific Basin (682) 

Euro -Pacific (1637) 
North America (716) 
Europe Ex. UK (619) 
Pacific Ex. Japan 1224) 
Work) Ex. US 0842) _ 
World Ex. UK (2092) — 
World Ex. So. Af. (2367) 
World Ex. Japan 0.970)— 


The World Index (2428) 


Base mImr Dec 3L 1986 - 100 

Copyright. The Financial Times, Gofdmaa, Sachs & Co, Wood Macfeeade & Ob. Lid. Z9B7 
Latest prices were uaavW ttUe lor this edition- 


EUROPEAN OPTIONS EXCHANGE 




SILVER C 
SILVER C 
SILVER C 


§ | = = 

ZD 1 


4 7.40ft — — 

56 2.40 40 360 

3 OJO 51* 1 




ABB Baft ID 

Uan&Canwe ID 

WedMRilM ID 

MUMarlCs ID 

MUIfttBak 10 

tarinfiV-ft 10 

tooBrt - ■ ID 

Bevy Made ID 

A1Z Basking Grasp ID 
laaridesCvCpp — 10 

MwftfcCoUd 10 

BaafcBta 10 

BakHwnta 10 

(M Lead (UK) 10 

Bak Credit & Cow 10 


24 3JOO 1 — , 

— I — 30 4608 






Apr. 88 


4 JOB 


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BvdqsBM 

Bendwtraud. 


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CBtaPenavat. 


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CmBLAEat 10 

CMsUatedM ID 

CeopeofteBat.... ■ *10 
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• MertRenfag&Ca — ID 
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PKFMX.UNUK) Wz 

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WtrTnatPLC 10 

HeRenTnnt 10 

WeiBKlMCap ID 


• Menton of da AccepBig 

S C o w aW— . *7-riap 
5%. SRKwbe 766%. 
T^ Her— CL500+ at 3 Maths’ 
vtke 931%. At all when 
00,000+ mho il aeU te d. 
1 (teinaga (me me. fOenvf 
dtpoXt 948%. MartffWe 
11225%. 


TOTAL VOLUME IN CONTRACTS: 3L061 
A-Asfc B-BW OCafl P-Pat 




Stenska^nqicifLid 

“Money is indeed the most 
important thing in the world” 

GEORGE BERNARD SHAW 

MEMBERS OF THE STOCK BXCKANOB 
A MEMBER OF TBB SVENSKA HANDELSBANKEN OEOUF 
Fn hu llmrtrtaihpicw B call Rid—dSlDOB or Sttphea Cook on(]l 3776066. 
OrwriMtoSwakaftCotBpaavLtd. 14 DcwmUsc Rot, Loodoa EC2M 4RH. 


FT CROSSWORD PUZZLE No 6,448 




ACROSS 

1 A boy keeping quiet, a swine 
will permit work on the 
knees (8) 

S Cause damage to put Virgi- 
nia in a temper (6) 

9 They embellish hearing 
devices (8) 

10 A tap to go in a rotisserie (6) 

12 Result, some find, from hav- 
ing eaten suet dumplings (5) 

13 Consideration shown about 
occupying guard (9) 

14 Sweltering sportsmen in a 
yacht (6) 

16 A female social worker can 
be quite inflexible (7) 

19 Ponders involved answer (7> 

21 One may follow people, the 
pest! (6) 

23 He’ll send up the French, 
politician— one or other (9) 

25 Quick drink taken about four 
(5) 

26 The type inclined to show 
stress (6) 

27 Cry for mercy when putting 
one’s queen in the pool (8) 

28 Infer it’s the weapon of a 
woman (6) 

29 Get at aid organisation, 
being perturbed (8) 


4 Dress without thought, 
though not in casual foshion 
(D 

6 Refer to a page "with pre- 
sumptuous article in (9) 

7 Gas when given a turn among 
nautical men (5) 

8 Having eaten, try making an 
appeal (8 ) 

11 A dyke-builder will take 
endless refuse (4) 

15 Express contrition a game 
soldier’s way (9) 

17 A person with constructive 
ideas for the use of the Arc- 
tic (9; 

18 Exercise can be so boring! (8> 

20 Puts on the better-qualified 
teaching staff (4) 

21 A beast returning a phone- 
call and doing harm (7) 

22 Saw a male local leader in 
bed (6) 

24 In general there’s some 
antagonism implied (5) 

25 Keep off a heraldic colour (5) 

Solution to Puzzle No 6/X47 


aanEZDona-Qaanna-v 
a -a - a 

SHaasanQ' • sonaama 
sea : iir fh a 
Haanmnmraram BEJiaa 

+ Eg* rr- ..... n r\ 

‘r.Biafauft- oossoiinHi 


NORTHERN IRELAND 

The Financial Times proposes to publish 
a Survey on the above on 
Thursday December 3 1987 

Topics proposed for discussion include: 

OVERVIEW ENERGY 

INDUSTRY RETAIL PROPERTY 

THE ECONOMY COMMUNICATIONS 

INDUSTRIAL DEVELOPMENT POLITICS 
BANKING & FINANCE TOURISM 

COMPUTER SOFTWARE AGRICULTURE 

SMALL BUSINESS 

For a full editorial synopsis and details of available 
advertisement positions , please contact: 

BRIAN HERON 

on 061-834 9381 

or write to him at 

Alexandra Buildings 
Queen Street 
Manchester M2 5LF 
Telex: 666813 


FINANCIAL TIMES 

EUROPE'S BUSINESS NEWSPAPER 


LONDON - FRANKFURT * NEW YORK 















































































































































































































































Financial Times Tuesday October 6 1987 



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Snn)l4to0S5n 

P^taTKcandCik- 
GdlTraa. 


— Trident LHe Assurance Cs Ud 

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2155 


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115.7 

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- Hoaged Z [577.0 607.4 

— Ea*M IBPJ 

~ 6N6alEgdtr— 2909 


FID i» Spot SO. 


— Md.Gnrwtai 

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Musklpal Lift Astorance Ltd 
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bnuiEouur. 

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inn 
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UU 

1465 

1713 


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177S 

IfiSJS 

1675 

1025 

11 */ 

1915 

1455 

125C 

1215 

132/ 

2213 

207/ 

1955 

1153 

1275 

139/ 

tsar 

1315 

1255 

1340 

zi a. 
168/ 
laot 

i.+ir 
125.0 
146 Jl 
IM/ 
1361 
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1470 
257/ 
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119/ 
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143 0 

1351 

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z Spreud Hagd. Acs. J 


120.4 

U5.4 

23«2 

2050 

1LU 

2JL6 

1772 

11713 

m.f 

873 

1100 

2002 

214.9 

1897 

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126.71 

i3 

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ZBD5 

mi 

91/ 

199/ 

210.7 

=262 

1190 

1769 




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— Boc64ag6n Mori Fd — 11300 
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..... New Hall Pta 
116U Rmi SHMF4. 

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— p*a*a»6 

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1951 

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1060 

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— 1901 ESaasiah T»we». Hw «W« 

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2000 348J| 

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125.4 
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£45 33 459 

E7L94 765 

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income and Gnaati- 


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Capital Grmrai I1.TL4 

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llOBO 114X) 
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140/ 
146/ 
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GPO Bor 590i rlarq Kanq 

■-(aw-toous irb'uoa 668cie +zra — 

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ButterfleM Management Co Ltd 

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Z Wesleyan A General Assurance Sue 


OFFSHORE AND 
OVERSEAS 


— IntmUonal Gnnait J 


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41 


Financial Times Tuesday October 6 1987 


LONDON SHARE SERVICE 


FOREIGN BONDS & RAILS 


1*7 I : 

Mftfa Law I SUCH I 

5J j 42 farw*7pc Ato- - J 

S I 40 rDoLtoc2SSib.A U . J 

50 < 45 i Do4oc Mart An ! 

to t 58 hta).' '24 AlS 1 

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PHH |+*r| 0 n\i «**- 
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53 I . I 350 (MO 

52 J I 3 «77 

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t& I .. | 2.75 WZ3 
1301; + (, J 15 00 J 11-77 
122l|B3+!k 1 14 JO 1 U 77 
WWl+l I 5.75 1 1153 
















































































































































































































































































































Financial Times Tuesday October 6 1987 


LONDON SHARE SERVICE 



1987 I 
M|h Low I 


I — I — I U U |fMh*iBu!'*»20c J 


— 152 9>J 5 If tntt Paul* Nl 

— — 45 22 ffhnnnctfiltC020c. 

— - 55 2b "T0O.30C- 

— - 208 39 If Jaw* Mwng 20c —J 

15 - 116 45 WJmgellic HA 

— 173 53 MteaUaieillL 

LL7 - 34 5 »KJtairaHB?0c — 

— - 61 37 toctaOratohlSl — 

— - n 32 IfKnthttvr NL25c-J 

230 (t IliMvaOwdKASDjD. 

— - K ‘fM*H#tfJr.a25e.._ 

— “ 96 37 hrUmhL>SOc 

— — 788 333 Ittteuna Umwafe N.I 

— — 93 50 if IlMram Mm 20c J 

— - 162 65 IfUiUHUpSOc. | 

18 - 91 3WMi»rfirfcbE<iil25tJ 

— - 56 27 MtraUSro.25c.-J 

— — 6> 13 #MMABui9W20c J 

— — 195 59 totaniuta* Ham. ..I 

— — 219 100 wRenli B HID 50e_ --J 

— — *95 39»jlMih Kalgurh 7) 

— — 37 a WOalonagv 50c 1 

— — 93 2QiJftnrrEiDrB.NL j 

— — 260 65 *Pmi Am Mmwb25c J 

1.9 - 198 KB ffPintort'i ZX . 

3.7 133 73 2b jFParawntaarwsNL: 

— ~ 338 109 Panngj MoyEo bo | 

— — 926 246 to’eAo-WatofMSOc-J 

— — 71 27 IfPriurtteKL 

— 93.7 22 12 If Pvuao Kming 

48 125 79 30 IfRrjrM Strung 2k„ 

14 ♦ 748 284 jfKnwm5ft. 

— — 33 12 If&amui EapTa NL 

— — 33 16 IfSondhra Mmng_l 

790 3b3 WsomG«*luNL I 

35 14 IfilJm. CdBUrln 

58 (PjiPSooihvm Pacific J 

160 65 (pSouihrm Res I 

20 8 jfSbOMra Vmm25c J 

», 25 VSromosEiarn j 

25 15»rfrS*anR«20c__.Zi 
67 24 If Tfvxm Llbimq 25c_J 

140 70 IfUMCjWrttNL-J 

35 18 ffWeu Coasi 25c .1 

•425 101 tMnu Mining 50c I 

350 123 kwh.m Cite* 20c I 

77 54 HnVtosarRnML.- I 



MINES— Continued 


Ubh oh | rid 

Price ! - ttt 'Cir Srt 

7>b. -j - - 

28 -1 -1 - — 

«... -J — — 

J 2 ■ jz z 

■3 1 di : 

46 a& u m 

68 1-2 

00 -J- - 

60+2 — 

MS 1+5 eQ5cl- M 

86 L... — i - - 

150 k5 i 14267(13.7 108 

6«; -l , .< J - - 

29 Ll 

58 1-2 I - 

170 - - — 

294 -3 6fl5d 01 12 
S4W+2I; 02c! 8 U 

23 ■ ... — 1 — — 

36 L- . -j - — 

260 1— -J — - 

166 1+4 SE5c] 73 0.7 

60 l H 

305 * ... —I — — 
415 1+3 <EQc|L8 ZZ 
71 j+1 

5* -J - 

>6 -4 -I- - 

6S4 j..... MUO^IJ 0.7 

18 P... I 3 — I — I — 

50 i+10 C323c> 1.9 2.7 
14 1-1 Q15^2J) 43 


14 1-1 
43 !-2 
121 1-5 

SU-r 

17 1+1 
42 I ... 
140 .... 

28 ... 
394 +1 
263 '+15 
70 !... 


dz\z 


Citj 31 1 16 

gQlDll « U 
QUc|164 1.9 


123& 2 9 2 A 
QVjN] 165 05 


Uxless otherwise kuhetted, pHas and net dividends « In pence and 
desmnkuditxts are 2Sp. Estimated price/ earnings ratios wdamnat 
bned an latest xmial reports and a ccmw ts and. where possible, art 
npd«edixilmlf-yeartyngwei.P/Es are calculated on “net* dtau-axiltoa 
bash, earntaB per share being co m p ute d on profit alter taxation and 
. roreflevetLACT where applicable; bracketed figures lodear 10 per 
cent or move dOTerence if cakobted on ”al T fctriboilon. Coven are 
based no *^na*ln»im" dteBnitloo; this compares grow dividend coos u 
profit after taxation, excluding exceptional prafltsflouet but Indodlog 
estimated extent at oftaettaMe ACT. YieHfc are bared on nrhfcOr p rices, 
are gross, adjusted m ACT of 27 per cm aad allow tarxatae of declared 
dhtrt ta dlPH and Hipxi 

■ -Tap Stock”. 

■ Highland Lows marked thro have been adjusted to allow for rifftts 
tews tar cash. 

t Imerhx since Increased or resumed. 
t Imam fine* rrtocML passed or deferred, 
it Tax-lree to nonresidents on aopHcaihm 
6 Flgwcs or report awaited. 

* Not officially UK luted; deaitags permitted ander Me S3«4)fa). 
4- USM; not listed on Slack Exchange and amgiaiv not subfeoed to 
same degree of regulation as listed securities, 
tt Deaft In enter Rule 535(3). 

8 Price at time of uaoensioa. 

1 ladkated dMdend after poring scrip and for rights tee: cover 
relates to prevloas dividend or forecast. 

6 Merger bid or retagaolsalian f" progress, 
f Mot QMonblc. 

f Same Imennc reduced Hod and/or reduced earnings lirioted. 
Forecast efiridend; carer on earnings opdatrd by latest taterim 
statement. 

t Carer allows for aa w ei s ion of dares not now raaktag for dhdtlends 
or raaktag only lor restricted dividend, 
ft Cover does not afiow (or shares which may aho rank tor dhhfend at 
a Mure date. No P/E ratio usually pmtded. 

B Nn par value. 

B.Fr. Belgian Francs. Fr. Frenck Fracs. ff YWd based on asraigulon 
Traaknr 801 Bate stays unchanged untfl matnrity of sock, a Annualised 
di vid en d. 6 FT gores based on prospectus or other ofler estimate. 
C Cents, d Dhrtdead rate paid or payable on pan of capital, cover based 
on (Sekfeod on fifl capital, c Redemption yield.! Flat yield, g Assumed 
dvhsend nod yield, b Assumed dividend and yield alter scrip tee. 
JPaymert tnm capital sources, k Kenya, m Interim higher than 
prettans total, n Rights Issue Bending, n Earnings based on prehmfnaor 
flgnres. s OMdend aed yield ewtade a special payment, t indicated 
rfrttmd: cover rates to prerkms dfridend, P/E ratio based on latest 
anmial earnings, u Forecast, nr estimated amoaliseri dividend rate, 
corer based on prevloas year's earnings, r Subject 10 local lax. 
I Dividend cover in excess of 100 times, y Dhridewd and yield based m 
m e r ger terms, i Dividend and yield mdade a special payment; Cover 
does not appb to special payment. A Net dividend and yield. 
8 Pre fe rence dividend passed or deferred C Canu&uL E Mfadnuu 
MOOev prfce. f OMdend and yield based on prospectus or other official 
estimates lor 1986-07. 8 Assumed dividend and yield after pending 
scrip wtdfar rights issue. H Dividend rod yield based on prospectos or 
Other official estimates lor 1986. KDfvMrad and yield based do 
prospectus or other official estimates for 1987-88. L Estimated 
arooallsed dMdend, cover and pfe based on latest annual ta m in gs . 
MDMdrnd rod yield based on prospectus or other official estimates for 
1985-86. tt Dhmerri and yield based on prosoectss or otner official 
estioudes lor 1987. P Figures bated on prospectus or other official 
estimates for 1987. B Gross. R Forecast annualised dividend, cover and 
pfe based on prospecus t» other of Hood estimates. T Flgnres assumed. 
W Pro form figures. 2 Dividend total to date. 

Abbreviations Mex dMdend; sex scrip issue; rtx ri^ m; an aft; 
d ex capita I dbvfhition. 


REGIONAL & IRISH STOCKS 

Thefefhwing IsaieiacMnof Ragucui and tnsh stocks, the latter bang 
quoted os Irbb urrency. 

Mxany lavZOp 1 98d|. I FmU%97/02 |£M7%)..._ I 


Atony fov20p. tort.— 

CtogARowu — 763 

Fnlav Pkg.5p Ulri 

HoftUo025g_ EHH, 

I0MSW.Q 299 1+15 


Araotts 

CPf Nldgs 

Carrol IMS.— 
Qft^fT 

Kail f R. & H J M 
NenroHMgs.- 


IRISH j HenonHMg 

- Fund 11696 1988 _ Insh Roues. 

Z7 MaL9VmB4l89 — £98%l..._ i madam—. 


365 -10 

85 

192 

40* 

195 

74 -1 
IMS 






























































































































44 


Financial Times Tuesday October 6 1987 


LONDON STOCK EXCHANGE 


Accnint Dealing Dam 
Option 

‘Fint Dedara- Last Actout 
Deallajs (ioas Dealings Day 
Sept 88 Oct 8 Oct 9 Oclll 
Oct 12 Oct 22 Oct 23 Nos 2 
Oct 26 Nav 5 Nov 6 Nov 16 
* ■—— ■»» ***e nm 

%nm »-00 » fa— bwhwH dwi mHw . 

The UK securities markets 
opened firmly yesterday but lost 
confidence towards the close as 
wonries over world interest rates 
turned UK Government bonds 
lower. 

The stock market was again 
enlivened by takeover develop- 
ments, which added substantially 
to last week's total of pending 
acquisition bids. But turnover in 
the major blue chips remained 
disappointing. 

The FT-SE 100 index closed a 
net 3.6 up at 23854, alter tuning 
back from a 17 point rise at mld- 
session. Trading was distorted by 
a major electrical power failure 
in tbe City of London which pre- 
vented several ' market makers 
from playing their normal role in 
the SEAQ trading network Nor- 
mal power was restored late in the 
afternoon, after nearly 30.000 City 
customers had suffered inter- 
rupted power services. 

UK markets were also badly 
unsettled by a sharp downswing in 
early trading on Wall Street. The 
Government bond sector started 
the session well despite tbe foil in 
Japanese bonds to new lows, 
accompanied by weakness in New 
York Federal securities. But 
retail interest was still thin, and 
prices slipped off at the end of the 
day as London east a wary eye on 
New York's bond market 
Also upsetting equities was tbe' 
sharp loss in Calor Group shares 
after tbe board rejected a £820m 
offer from Burmah Oil and SVP 
Holdings of Holland— aa offer- 
then withdrawn. The market awa- 
ited reported moves to place the 
. shares in Guinness held by Schen- 
ley Industries of the US. 

GEC responded vigorously to 


Government bonds close lower and equities 
early pins in slack trade 


suggested last week as tbe next 
possible recipient of a bid, came 
back 12 to S79p. 

Composite Insurances con- 
tinued to feature Commercial 
Union which gained 19 to 438p on 
speculation that a sizeable stake 
in the company is about to be 
announced. General Accident 
were firm at C11V4, up while 
Sun Alliance gained a like amount 
to £12Vfe. Beyab were a shade 
dearer at 593p; Royal Life Trust 
Managers are thought to have bad 
good response to its uni trust offer 
with sales of a least £G00ot 

Equity and Law were unchanged 
at 45Sp despite suggestions that 
French industrial group Du Midi 
was set to raise its offer for tbe 
company to 460p per share. Pearl 
were a firm market at 508p, op 13. 
while Legal and General Improved 
4 to 364p. L a n dau and Manchester 
picked up 4 to 360p awaiting 
today's improved 4 to 384p. Lon- 
don and Manchester picked op 4 to 
360p awaiting -today’s interim 

dividend announcement 

A newspaper report that several 
UK broking houses were courting 
Schenley industries' chief Meahu- 
lam RiUis with bids for the US 
group's per cent shareholding 
in Guinness fell on deaf ears. Only 
L5m shares traded and the price 
lost 4 to 37lp, although it was 
suggested that the sale of this 
remaining sizeble stake would put 
zip into the shares. Haddington 
gained 3 to 143’Ap on a Press 
recommendation of a * cheap 
situation.” 

Turnover among leading Buil- 
ding issues remained at relatively 
high levels. Blue Circle continued 
to attract buyers at 503p, up 8, 
while Tarmac saw a useful two- 
way trade around the 308p level 
and closed 4 better at MKip. BPB 
Industries firmed 6 to 346p 
initially on a combination of 
.domestic and European demand. 


FINANCIAL TIMES STOCK INDICES 


G aeo w a en tSco. 


Fixed 


Ontarjr*. 
GoU Mines. 


0rd.Dfr.YitM 

EarntagsYM.'MMO— . 

WE Ratio (net) « 

SCAB Bargains (5 pa) 

EqpKy T un *» w (£nti — 
Equity Bargains 


Shares Traded (mD . 


Opening 

1878.8 


Oct 

5 


asbb 

41.7$ 

1B73J 

439A 

3J4 
7.70 
154) 
4 4261 


Oct 

2 


85 AS 
9206 
18723 
4382 

304 

768 

15.94 

37,884 

153506 


41.400 

523b 


Oct 

1 


85.72 

9L84 

1860.4 

444.9 

306 

7.72 

15l86 

37.446 

1766X2 

43529 

622.7 


Sep 

30 


8555 

4161 

1853.7 

4530 

306 

7.74 

1542 

35456 

189107 

42428 

6456 


Sep. 

29 


8551 

91.76 

18498 

456.9 

307 

7J5 

1540 

37458 

213461 

444% 

7310 


Yor 

■90 


82.74 

90X0 

123L2 

3164 

444 

1008 

1244 


48786 

18404 

242.4 


1987 




9332 

OS) 

9932 

05%) 

1.9262 

own 

4973 

MB) 


Low 


84.49 

(60)' 

9023 

BO) 

13202 

t2fll 

2882 

Q4» 


Since Compilation 


High 


- 127.4 
(907353 

10S.4- 
<2801/473 
1.9262 
QMT «71 
734.7 
050)85) 


S-E. ACTIVITY 


Ism 


4404 

00/73 

3053 

00053 

49.4 

ObfcWO) 

435 

(2600771) 


Mca 



5-ttej Average 

ClAtPgeti Bargain 

Entity BsgalAS 
Entity Value 


Oct 2 


94.7 

Z715 

rtfrcn 

1092 

ami 

34494 


Qct l 


1094 

9t»n 

35696 

1167 

2944 

36102 


10 a.m. 

1880.7 


11 aj-n. 

1880.6 


Noon 

188L2 


1 p.m. 
1884.0 


2 p^n. 
1885J 


3 p.m. 
18826 


4 p.m. 

18802 


Da/s Nigh 18852 


Da/s Low 1873.7. Basts 100 Govt Sea 150006, Fixed taL 1426 Onfiaary 2/7/34 Gold Mims 12*3/55, 
SE Activity 1567 • (01=1567. 


LONDON REPORT AND LATEST SNARE INDEX: TEL. 01-246 8026 


rose 13 to 288p following the good 
annual results. 

Mai) Order concerns came back 
-with a vengeance. Leading the 
way was Empire Stores, which only 
last Thursday reported poor half- 
yearly profits. Knee then analysts 
have downgraded their foil-year 
projections and some have issued 
sell advice, encouraging 
marketmakers to go short of stock. 
But the appearance of a large 
buyer yesterday caught the mar- 
ket unawares, exerting a squeeze 
on trader/ book positions. The 


, business also aroused speculation 

hint. «, a * » *1 frnm a. bat 13 ter closed unchanged, while. of stake-building prior to a 

1U,C * "fl"**"* stea<*y rapport, takeover bid and Empire closed 
‘ P ut on 9 **&»* traded KreranSs followed 

a-^H3Ct-£tta < brisU ? *“< rose 7 to 284p, tat StSVJiS'S 

Thoughts that the shares have 


after some London brokers took ~n>stoch Johnsen. a particularly 
the view that the substantia] nse firm market recently, eucoun- 
of the past 18 montte has been, tered profit- taking and shed 10 to 
overdone. But Imperial Chemical.- 234p. ■ 

Industries rose sharply at : first.' Aberdeen Constructkm. in 
before reacting sharply tn the set-., receipt of a bid approach ft-om an 
back in the Wall Street .market -■■ UDna £ d party, met with a burst 
The disclosure that UK retail- of support and rose 31 to 340p. 
sales and credit are still strong pewden^taart gained 10% to 
helped to unsettle the GUI-edged. I50%p in reply tofoterim profits 
sector before the close- Buf toted- ab ove market estimates,, 

shares held up better than other.: while buying ahead of Thursdays 
sectors of the eq uity market _ preliminary results lifted Ben 


The major clearing banks fea- 
' hired Barclays, finally 11 higher at 
63 lp helped by bullish comment 
' from brokers Scriihgeduc Vickers,- 
but revived, warrids abffUT Hhirdl 
world debts dipped 8 from Lloyds" 
■ at 358p and '4 from Hjiliand at 
"546p. Elsewhere, stake specula 
-tion boosted -Royal Bank of 
land 18 to 436p. 


Haley 9 to 80p- Newsletter com- 
ment. helped Howard HoMtagi. 
rise 5 to 173p, but British Dred- 
ging eased 9 to 230p, the increased 
half-year profits discdontacL 
Buyers took an optimistic view, 
of ICI ahead of the company's 
forthcoming Japanese presenta- 
-tion and tbe price touched £16% 
rior to dozing unchanged at 


Merchant Banks were much* £16%. - Yorkshire Chemicals 
quieter as excitement generated' attracted fresh support at 243p, up 
by TSB's bid for Hill Samuel sim- 10. while Coalite revived with a 
mered down. Morgan Grenfell, gain of 6 at 424p. 


FT-ACTUARIES INDICES 


These Indiras are the jont compibtioii of the Franca! Tones, 
the Institute of Actuaries aid the Faculty of Actuaries 


EQUITY GROUPS 
& SUB-SECTIONS 

Figures in parentheses show number of 
static per section 


49 


51 


54 


CAPITAL GOODS (2M). 
Building Materials (30) 

Contracting, Construction 1331- 

Electricals (14) 

Electronics (34) 


Mechanical Engineering (60) - 

Metals and Metal Forming (7). 
Motors Qft> 


Other Industrial Materials (22). 

CONSUMES GROUP (183) — 
Brewers and Distillers (22) __ 
Food Manufacturing (23) 

Food Retailing (16>. 


Health and Household Products (10). 

Leisure (31) 


Packaging & Paper (15) 

Publishing & Printing (15) . 

Stares (35) 

Textiles (16) 


OTHER GROUPS (86). 

Agencies (17) 

Chemicals (21) 


Conglomerates (13) ... 
Shipping and Transport (ID. 
Telephone Networks C2)_™_ 
MisceJIaneous (22)— 


INDUSTRIAL GROUP (483). 


OH 6 fias (17).. 


500 SHARE INDEX (500)- 


FINANCIAL GROUP (119) . 

Bonks (8). 


Insurance (Life) (9> 

Insurance (Composite) (7)., 

Insurance (Brokers) (B) 

Merchant Banks (12) 

Property (48). 


Other Financial (271 


Investment Trusts (89). 

Mining Finance (2l___ 

Overseas Traders (10).. 


ALL-SHARE INDEX (720). 


FT-SE 100 SNARE INDEX 4 . 


Index 

No. 


10268 

126468| 

188464 

257622 


07439 


53964 

59162 

406.42 

172489 

137931 

122145 

1050X8 

2534.90 

263444 

147428 


717.42 

507066 

1117X7 

9UX2 

1141X6 

174764 

154546 


153801 

237BX5 

1120.93 

1773J0 


124923 


2290X2 


133766 


88854 

87491 

125738 


700X8 

127424 


S3550 

1335.99 

596X5 


120761 


68462 

132159 


122232 


face* 

Ho. 


Z385X 


Monday October 5 1987 

Fri 

Oct 

2 

Tta 

Wed 

5 

Year 

ago 

totaofi 

Dart 

Change 

% 

Est. 

Earangs 

YMH6 

(MaxJ 

Gross 

Dir. 

Yiehffc 

dan 

(27%) 

Ett. 

WE 

Ratio 

(NeU 

is 

to date 

Index 

No. 

lades 

No. 

hues 

No. 

lades 

He. 

- 

6.90 

2.78 

18X0 

17X3 

TTTTy 

1808.72 

999.91 

658.91 

+(L3 

735 

2X6 

16.96 

2137 

T?WT 

126334 

125300 

742.91 

+05 

052 

2Jbb 

20X9 

27X6 

rry 

MSI 01 

184600 

112400 

+02 

6.72 

337 

18.95 

46X3 

r/* i f 

2547X0 

353335 

169106 

-0 A 

7.40 

232 

17X2 

3451 


215286 

212Z.99 

14Z1X8 

-05 

6.78 

2.97 

1855 

1070 

22 

S39X5 

53432 

36016 

+05 

6.78 

236 

17.90 

8X8 


58708 

58235 

FT| 

-OX 

7X9 

237 

16X8 

5.75 


pr^ 

| T^ 7 

L ' J 

-02 

002 

3X1 

1933 

35X4 




1218X7 

- 

5.94 

251 

21X5 

17.74 


1376X5 

L‘7 1 ’ 

90668 

-05 

8X9 

3X1 

15X4 

1751 


1224X9 


90568 

+0.6 


2.96 

18.41 

1630 


104239 

f ,'.f . 

682X6 

-06 

5X1 

233 

22.93 

36X9 

3- 

256406 


nun at 

-04 

3.93 

154 

29X7 

16X1 

Z3; 



150953 

+oi 

552 

3X0 

22X6 

27.70 



16062 

90100 

+04 

5X8 

254 

2238 

18.75 

7TTT 

713X9 

71437 

449.74 

+08 

4X4 

2.79 

31.79 

67X1 


499M6 

4969« 

253558 

+05 

631 

2X0 

21X7 

1437 


U15X9 


820X4 

-04 

6.93 

253 

16X8 

1235 


91297 

myF? 

51830 

+0J 

731 

2.98 

27X4 

2055 


117734 

vrfrr 

746.96 

+02 

3.60 

130 

3650 

15X6 


1739X5 

v 

00 

+02 

638 

2.97 

1936 

32X1 




919.73 

+08 

6.69 

3X4 

1730 

99. m 




00 

-06 

731 

3X6 

18X9 

51X4 

239378 



143012 

+05 

9.05 

3X1 

14.75 

rvl 

1115X8 

1105X5 

■ 'rr+ 

72137 

+oi 

855 

2X6 

13.94 


177139 

CSU3 


184137 




mm 

MiHl 


FT *'-i 


F^m 

M . 'A H 

wm 



NiC] 



Y'jil'A 


337167 

mm 

mem 

■m 

■TT71 


4* »'l 

nm 

Frrri 

85466 

+0.4 

~ 

3X5 

_ 

18.77 



rid 

57566 

+04 

15X5 

4.45 

067 

25.98 

87X52 

86845 

86831 

628.95 

+L4 

— 

352 

— 

25.73 

2239X2 

122933 

1224.95 

819.97 

+1.7 

— 

3.93 

— 

15.97 

688-96 

688X8 

r^r 

44732 

-08 

8.72 

4X9 

14X8 

36X7 

1284X4 

12*5.90 


119067 

401 

— 

2X2 

— 

831 

53511 

5U.94 

50635 

321X5 

-OX 

3X3 

2X1 

35X3 

1454 

134635 

136X2 

1344X4 

728X9 

-Ol 

5X2 

2X5 

21.95 

951 

596.90 

E3U 

594.92 

385X2 

—1.4 

- 

2X3 

_ 

be* i 


FT33 

1194X1 

77464 

-OX 

6.68 

255 

17X2 

10X1 

68579 

68654 

68822 

316X4 

+02 

732 

3X0 

UXO 



131705 


66762 


+03 


Day's 

Change 


+36 


2.98 


(tty's Days 
High I tea 


2399.91 23856 


EE3ESEHE3E SI 


oa 

2 


Sep 

1 


Sep 

30 


29 


258221 2373X1 2366X1 236831 236831 1578.9 


Sep 

28 


77735 

Year 


FIXED INTEREST 


PRICE 

INDICES 

Mon 

Oct 

5 

Day's 

mange 

9 .o 

m 

vdatfl. 

today 

1987 
to due 


Brtthfa ftneroMSit 








12034 

+033 

790 91 

0X2 

931 

2 

5-15 yean 

33*59 

+0X4 

Z34X7 


1050 

3 

Over 15 yean — 

14231 

+0X2 

141.72 

- 

1829 

4 

Irredeemables — 

157X2 

+0.44 

15633 

- 

8X1 

5 

All nods 

132X7 

+024 

131X4 

8X8 

1034 








6 

5 years 

319.92 

+0.(0 

119.88 


238 

7 

0wr5ye»s 

110X9 

-032 

11063 


260 

8 

All slocks 


-031 

111X3 

B 

255 

9 


BB3 



- 

1^} 

10 

Preference.—— 

8267 

+0.04 

8264 

- 

E3 


AVERAGE GROSS 
REDEMPTION YIELDS 


18 


Mthh 



mm Jfami 
InfUtitH rate 5% 5jwd 

Inflation rate 5% (her5jnJ 

Inflation rate 10% 5yrsJ 

Inflation rate 10% OrcrSpsJ 


Defalt 


5ye«fs — I 
drears — j 
25yeari_ 


Mon 

Oct 

S 


957 

9X5 

967 

1028 

1030 

9X7 

UU6 

HL27 

4.91 

9X9 


364 

.437 

3X9 

439 


1U6 

11.48 

1131 


10.99 


Fri 

Oct 

Z 


960 
9X9 
9.71 
HL » 

1035 

9.92 

IIMO 

1031 

9.96 

9199 


3J8 

436 

659 

408 


13.70 

1165 

1141 


11X0 


Year 

(apwox.) 


964 

1032 

1033 
1L26 
10.70 
1030 
1137 
10.92 
1041 
liLM 


467 

3.72 

334 

357 


11X2 

1X43 

1144 


1131 


+Qpewftg index 2391.4; W «n39JjQ; 11am Z3921; Horn 2393-4; l pmZ397.4j ZpraZM45? 3 pm 2395.7; 330 pm 23926, 4 pm 23430 


f Ftil jrfeM. Hh 
available I 


I fat Sattadw iaues. A nev Rst of anstttnb b 
nadon EC4P 48Y, price 15 a fay past 32p. 


been overlooked recently took 
Barton 7 higher to 299p, while 
trading news helped Debtor rise 
13 to 425p and Lloyds Chemists 5 to 
21 Op. Press mention induced 
demand for Ward White, which - 
could be ready to announce a US 
acquisition, and tbe shares ended 
12 dearer a 431p. ■ 

GEC earned the distinction of 
tbe da/s' most active stock with 
some 25m shares traded. Reports 
that tiie group, through its subsidi- 
ary Marconi, was set to win a con- 
tract worth £UU» to supply the' 
US navy with ultra-sophisticated 
radio equipment encouraged the 
activity. GEC rose 4 to 238p but 
System X partner, Plesscy, came 
back 6Vfe to 221p after adverse 
publicity on tbe resignation of Sir 
James Biyth. International Signal 
rallied 3 to 230p following the offi- 
cial denial of any Ferranti family 
opposition to the proposed 
-merger. 


GKN closed a couple of pence 
harder at 415p following the sale 
of the clutch business owned by 
its subsidiary Laycock Engineer- 
ing. Weekend newspaper com- 
ment left Balteagh 15 higher at 
535p, while occasional investment 
demand prompted a rise of 8 at 
558p in Giya wed. 

Speculation continued to sur- 
round Foods with both & 6 V. 
Berisford, 423p, and bidder 
As-elated British Foods, 378p, 
moving farther ahead. Other 
strong candidates were Fitch 
Loved, up 16 more at 3S4p, and 
N ort hern Foods, 12 higher at 3l3p. 
Confirmation of the largest-ever 
European management buy-out 
supported ASDA-BOT, which 
finally Improved to 208p; the 
group is selling MFI and the 
associated Hygena furniture, 
manufacturer to a management 
consortium Cor£705m. Acquisition, 
hopes lifted Sims Catering 15 to 
499P. while J. Engla nd Jumped 50 
to lSOp on the disclosure that 
Clowes Holdings had bought a 29X 
per cent stake at 12Sp per sham 
Peter Clowes and Guy Cramer will 
be Joining the board in non-execn- 
tive rules. 

Publicity given to an analysts' ' 
visit encouraged fresh support of 
Trtutiwase Forte but the price 
later reacted to close with little 
alteration at 278p. 

Wellcome were a reasonably 
lively market (some 2Bm shares 
changed hands) in the wake of an 
Aids conference in the U.S. and 
closed 17 to the good at 564p. 

Other Pharmaceutical Issues, 
however, traded quietly, although 
Bouts managed a modest gain of 2 
at 308p in response to week-end 


Press comment Elsewhere, Par- 
ker Knoll A, boosted- afresh by tbe- 
recent excellent figures, adv- 
anced 50 farther to 905p. XL W. _% 

Rupert Murdoch recently 
acquired e near 15 per cent stake, 
continued to make headway and 
put on 9 Anther to 965p, while 
Beed International improved 5 
more to 625p. Press mention 
encouraged occasional support 
for Bank Organisation, 12 to the 
good at 731p, and Avon libber, 7 
dearer aL650p. B e steen Clark (fea- 
tured a rise of 15 at 416p on the 
IEP Securities - increased 
stekeholdlng. In contrast, Secur- 
leer eased 5 to 375p in the wake of 
the compan/s entry into the 

temporary employment market 

via the acquisition of a 51 percent Antnr’^mS outof favour at 
stake in a new subsidiary which goop. down 316. 
will be the holding company for 
two established employment 
agencies. 

T. Cowtek sale of its near- 15 per 
cent stake in leakers for £4.7m 
brought little response. T. Cowie 
finished mar ginally cheaper at 
178p while lookers unchanged at 
395p. Among other Distributors, 

Frank CL Gateu improved to 207p 
after higher mid-term profits. 


NEW HIGHS AND LOWS FOR 1987 


United Newspapers, Which 
recently announced the sale of 
Burrups to . St Ives for some £41m 
cash, remained in the limelight, 
rising 31 more to 671p in response' 
to demand on Fleet Street rede- 
velopment prospects. Elsewhere,' 
Shandwick rose 30 to 810p on the 
proposal to acquire the U.S. based 
Killer, an independent public 
relations agency In the high 
technology field. -, J. Michael 
Design jumped 22 to lDp follow- 
ing the al te r na t iv e consortium 
proposals. i 

Properties passed a relatively 
lively session. Bumper half-year 
figures prompted a gain of 35 to 
820p in A8DA, while Hurd anger, 
responding to a newsletter recom- 
mendation, moved ahead to . close 
20 higher at Sffip. Buying in a 
limited market -'left Ewart New 
Northern 50 to the good at S25p. 
Demand persisted for Kentish 
Properties which paten 6 farther 
to 270p- .. t - 

A selectively firm Textile sector 
was featured by a rise of 16 416p 
in Lamonl on the hamper half- 
yearly figures. Dawsen Inter, 
national edged up 4 to 345p is 
response to Press mention. 

Ptrst-time closing prices for the 
five new classes of securities of 
Scottish National, possibly the 
largest split capital trust in the 
UK, were: . Income shares 96p. 
Capital 94p. Warrants 35p, Step- 
' Zero 
Ber- 
trams, last week’s high-flier on the 
approach to two maor share- 
holders, ran into profihtaUng and 
endml 14 down at 123p. 

A eombinattonhC cheerful trad- 
ing statements and newspaper 
comment gave selected Finan- 
cials a boost. AC Holdings surged 
lft more to £13 with sharply 
Increased profits outweighing a 
gall for fresh funds, via a near- 
£10m ri^its issue. Baltic rose 15 to 
248p and Aitfcen Hnae added Aat 
ISOp. Smith New Court continued 
to prosper, gaining lS.forther to a 
best-ever 326p. but Britannia 


favourite. UUmnar. strongly sup- 
ported of -late on stake specula- 
tion, softened 8 to 306p, blit Britoil 
heldup well and closed 3 better- at 
336p. - 

Confirmation of an offer worth 
ff7Sp per share from Barihah/SHV, 
conditional bn acceptance by the 
boardlqr Wednesday, sparked off 
a bout of profit-taking in Calor 
Group which, on -the announce- 
mentidipped to 538p; followizig 
Calor’t decision to rejeetthe offer- 
and its subse quent withdrawabby 
Bunnah/SHV, .the- Calor share 
price settled some 50 pqintB lower 
at 523p. 

Drtafls-of file holdings of some 
US mutualfimds touched off good . 
activity, in Lmnhs and-the dose 

was ll’A up at 3¥Tp. 0n a more 
so or note. James Unlay dipped 5 
to I07p following news of the first- 
half loss. — 

GEC continued, to attract, the 
lion's share of traded option^ activ- 
ity in tbe wake of last week’s dis- 
closure of tbe proposed merger of 
its telecomm u ni c ations acltzvlties . 
wife that of nesney. GEC 
attracted 6,176 calls— 2.054 In the 


October JHOs and L982 to the Octo- 
ber 2,617 puts were recorded 

in the October 240s. Hanson Trust 
wera also active with 6.823 calls 
transacted— with 2.231 in the 
March 160 series. BeUs-Beyce con- 
tributed 3^60 (mils and 2S5 puts. 
The FTSE contract registered 
2,437 f*lls and 2,722 pots. 

- Traditional Options 

• first dealings Oct 5 

• last rivaling* Oct 16 

• Last declaration — 

• For Settlement — 

for rate indications see end qf 
London Shan Service 
Stocks dealt in for the call 
included Osseiy. Estates, Ftteh 
Lovell, Piet Petroleum, West Coast 
wwhIi, Astra Holdings, 

E and J. Quick. Rugby 
Group, St Ives, Central Securities, 
Benjamin Priest, fed Industries, 
Camfbid Engineering, Ana 
Energy, Barratt Developments. GN 
firth, Ferranti, Windsor 

Securities, Hestelr, Oliver 
Besmueea, Dale Electric, 

Stormgard, Rotaprint, GEC and 
-SIC Pots were arranged in Land 

Securities and Tran wood 

Wanaate, while a double option 
was transacted in B enjamin 
Priest. 


TRADING VOLUME M MAJOR STOCKS 

Uw Mowing is famed « Hading vokm-for Alpha securities dealt through On 5EAQ system 
yesterday until 5 pm. 


Stack 

ASDA-MF) _ 
Allied Lyons. 
Ainstrao — - 


Vohrn 

COD'S 

.36X00 

3X00 

885 


AiaXGim* 5,700 

Assoc. Brit Fends - 754 


Cteter D era 


208 

441 

177 


4-1 


BAA- 

BAT. 

BET- 

BICC. 


BOC. 


BPB tads. 

BPCC 

BTR. 


Bwcltys. 


Beedwn- 


BtaeAmM. 
BtaeOrde- 
Boots- 


BriLAero 



245 

STB 

-3 

+6 

4X00 

142 

-3 

913 

707 

+3 

2X» 

304 

+2 

522 

4Z2 

— 

1.400 

553 

+4 

1X00 

340 



133 

360 

+2 

jrcrl 

359 

6H 

-1 

+11 


995 

-5 


572 

-4 

1000 

167 

__ 

1,700 

503 

+8 

IS 

306 

217 

+2 

-5 

85* 

539 

— 

940 

529 

+2 

6000 

X74h 

-1 

6.900 

3% 

+3 


Vdtame 
Stodc 000's 

ICI L400 

Jaguar 2M 

Lafcrofce- 927 

Land Securities 914 

LegalAGen %20D 

Lloyds Bank 832 

Loortro 4X00 

Lucas ; 397 

ME PC 366 

Marks SSpencar- 3,700 

Midland Barit U00 

HatwestBank 1X00 

Next 2. 100 

Pearson - - 649 

P&O 174 

WUdngtm Bn» __ 

Plearj 


. The oD majors traded firmly 
during the morning, but wilted 
late in the session as Wall Street 
came in lower. Neverthelss, Shrift' 
provided a bright feature, rising 
V* to £14 on thoughts that the 
shares could perform well both 
prior to, and after the BP offer; BP 
up Ik to 375Vfapi Recent 



r ,900 
742 
3300 
igo 

Reckltt&W 294 

Redtand L200 

Revdtati. 

Reuun-. 

RTZ. 


PradMttal. 

Racri - 

Rank Org- 
an M 


RotbRoi «*- 


STcl. 


NSW HIGHS <172) 
AMERICANS (7), CANAPtA HS CZ), 
BANKS OX BREWERS (4), 
BUILDINGS C9L CHEMICALS flO), 
SiUKES OO). ELECTRICALS (UX 
ENSINEENING (7). FOODS OX 
INDUSTRIALS (28), IN SU RANCE CD, 
LEISURE (6L MOTORS PL 
NEWSPAPERS OX PAPERS («L 


mOPCRTY (OX SHIPPING (1L SHOES 
(Z), TEXTILES PL TRUSTS (43), OILS 
(4L OVERSEAS TRADERS CU, 
PLANTATIONS W, MINES 1 ' 

: NEW LOWS (5) 

BRITISH FUNDS C2) Tr. 2pe l-L 2006, 
Tr. 2nc M. 2016, CANADIANS (1) Bank 
Nob Scot* ELECTRICALS (1) ftorSmi*, 
TRUSTS O) Aust. Merch. . 



102 

818 

-1 

Courted* 

1.900 

531 - 

-l 

DeeCorpo 

WJIiM 

210 

-5 

DtxoasGnm— 

3fiOQ 

385 

-7 

EngMi Ctdna Clajs. 

L800 

557 

-9 


3600 

354 

-2 

fitoLAcddeot ........ 

110 

an* 

+«» 

Gan. Elect — ; 

24300 

238 

+4 


1300 

07* 

-(H, 

Globe Investment _ 


192 


Crane* 

1300 

360 

+4 

Grate Met 

1300 

564 

-6 

CHS "A" 

341 

cm 

— 


VvVI 

om 

— 

CKN 

ttnn 

415 

+2 

Gutaxss 

ixoo 

3H 

~A 

Hamenan 

■bd . a 

680 

-10 

Hansen TnaL__ 

5000 


+21, 

HMkerSMd— . 

730 


+2 

BffintaimHIdgs — 

369 

347 

+2 


L000 

jW6 

___ WOO 

.Rodmans Ind 295 

Ro n mn re 381 

Ryl Banfc Scotland-. 2600 

I Insurance 2,fcoo 

3,500 
1000 

Scott fthewanie. L400 

Sean ; — ; L400 

SedgwU 312 

Shell Tram 2300 

Smith & Nephew— 7500 

Standard Chart % 

Stontoue 3^00 

SaiAiltaaoe LOOO 

TS8 3,700 

Tarmac 4JOO 

Tvsco L«» 

Thom EMI. “ 


Trafalgar Hone 2900 

Thiatsc Forte &700 

Ultramar 2100 

UsKwer 485 

Uritad BtscnHs 692 

W e H eome 2500 

WMdatad"*- — 1.400 
• &24 


dosing 

price 

575 

456 

592 
SW 
358 
347 
70b 
557 
242 
546 
763 

360 
916 
729 
327 
221 
£llfe 
336 
731 
366 
£1IP| 
527 
619 
910 
03)2 
210 
446 

361 
436 

593 


265 

173 

296 

04 

199 

823 

402 

Q2la 

US* 

ML 

724 

418 

278 

306 

637 

326 

559 

335 

363 


JF*'* 

change 


-11 


+uh 

-3 

+2 

-4 

+3 

—6 

+9 

-2 

—4 

-&Z 

+12 

-1 

-da 

+2 

-1 

+4 

=s* 

-9 

+1 

+18 

+3 

-2 

-1 

+3 

~3h 

+0fe 

+4 

-1 

-11 

-da 

+4 

-2 

-6 

-7 

+1 

-8 

+5 

-1 

+12 

-1 

+1 


LONDON TRADED OPTIONS 




CALLS 

PITTS 

OpAro 


o 

o 

□ 

Efl 

a 

E3B 

; “Kir 

390 

«a 

a 

H 

79 

S3 

2 

« 

Efl 

.10 

22 


460 

KS 

Efl 

33 

25 

Efl 

40 


190 

32 

■9 

_ 

1 



_ 


200 

22 

Ifl 

40 

2 

8 

11 


220 

6 

la 

30 

8 

18 

22 


460 

75 

90 

100 

2 

ifl 

12 

(•529) 

500 

37 

63 

78 

4 

EH9 

21 


550 

4 

35 

SO 

30 

Efl 

45 

BJ». 

330 

VM 


ifl 

K 3 

6 

12 

(176) 

360 

pi 

Id 

Ifl 

Ifl 

13 

a 


390 


Efl 

Ifl 

Efl 

26 

35 

Bass 

■LV«| 

cm 

Efl 

ilk j 

6 

Kfl 

43 

(•999) 


rfl 

Ifl 


20 

Ifl 

65 


l r -‘l 

km 

Efl 

Cl 

to 

Efl 

90 

Coro. Gold 

1400 

S5 

tsm 

Em 

47 

90 

125 

C143U 

1450 

28 

120 

140 

120 

IS 

185 


1500 

15 

95 

140 

120 

156 

185 


1550 

8 

75. 

120 

165 

196 

225 

Coortm* 


6J| 

Ifl 

LI 

rj 

mm 

12 

(128) 

id 

rfl 

Ifl 

Ifl 

Ifl 

Efl 

30 


mzi 

u 

Efl 

ifl 

Efl 

Efl 

52 

Cant. Urim 

330 

105 

116 

120 

L 

4 

5 

(^36) 

360 

75 

86 

94 

1 

5 

7 


390 

45 

63 

71 

2 

8 

13 


420 

20 

39 

50 

7 

14 

23 

Cable & Wire 

M 1 '! 


75 

105 

2 

9 

25 

(10® 


Efl 

47 

75 

9 

23 

35 


m- ? -~M 

U 

22 

42 

45 

52 

to 

British Gas 

165 

|Tfl 

Efl 

_ 

ril 

Fife 



(*176) 

180 

mf 

Ifl 

20 

|Cj 

13 

15 


200 


fcj 

12 

EjJ 

27 

28 

G0.C. 

220 

24 

a 

42 


mi 

U 

1*241) 

2« 

7 

20 

30 

ift 

1A 

20 


260 

ih 

12 

18 

Lfl 

ifl 

30 

G.KX. 

360 

w 

72 

88 

z 

7 

8 

(•417) 

390 

31 

60 

sa 

3 

13 

19 


420 

12 

33 

42 

22 

26 

31 


500 

E» 

87 

95 

2 

5 

13 

(167) 

560 

r| 

52 

62 

6 

21 

31 


600 

mm 

27 

37 

38 

48 

58 

IXJ. 

1550 


165 

Lfl 

W Wi 

25 

42 

C1645) 

1600 

rfl 

130 

Ifl 

.12 

35 

60 


1650 

IJ 

100 

Efl 


57 

80 

***ar 

El 

rfl 

100 

no 


8 

15 

(175) 


rfl 

63 

75 


20 

30 


fc-J 


a 

50 


Lfl 

55 . 


500 

Efl 

m 


1 

5 

8 


550 

rfl 

73 

85 

2 

17 

22 


600 

rfl 

38 

67 

17 

36 

40 


650 

mm 

20 

37 

58 

66 

68 

Mte&ASpn. 

220 

25 

34 

41 

1 

7 

9 


240 

3 

22 

31 

6 

14 

17 


260 

2 

13 

21 

20 

Z6 

28 

Bitta* 

300 

rfl 

58 

67 


11 

17 ‘ 

M37) 

330 

Ifl 

37 

48 

nfl 

21 

32 


360 

MJ 

22 

33 - 

Lfl 

38 

46 

(12 

195 

205 

19 

lOta 

a 

77 

34 

28 

i 

3 

b 

10 

9 

M 


2X5 

4 

16 

— 

6 

U 



1300 

107 

166 

197 

5 

33 

hs7 


1350 

60 

133 

165 

M 

50 

80 


1400 

3/ 

100 

135 

37 

67 

105 


1450 

17 

78 

112 

67 

93 

127 


3M 

93 

100 



1 

2 


(-41® 

3 60 

63 

70 

85 

2 

4 

7 


390 

33 

45 

to 

? 

13 

U 


420 

10 

25 

42 

14 

25 

32 

Tsa 

130 


ifl 

22 

Efl 

Efl 

~ T” 

M41) 

140 

fell 

Kfl 

16 

Efl 

Efl 

7 


150 


Kfl 

12 

eM 

Efl 

16 


330 

gsm 


70 

cm 

■XR 


(•365) 

350 

rfl 

Efl 


rfl 

Bfl, 



360 

Efl 

Efl 

50 

Efl 

Efl 

25 


373 

Kfl 

Efl 


a 

9 





mmzTrmm 

■cssflril 

- » ■> *: flpita ' 

SB 

L3 

L3 

tXM 

K77M 

ta 

dl 

' LASHO 

C3 

54 

73 

81 

3h 

11 

19 

(-380) 

11 

32 

50 

G3 

10 

20 - 

Z7 


EJ 

18 

35 

4b 

24 

35 

42 



ZB 

14 

36 

25 

45 

33 

1? 


U 

22 


. ** 

6 

15 


22 


— 

Prudential 


Lfl 

Lfl 

135 

15 

30 

45 

(•1120) 

uoo 

Ifl 

Kfl 

102 

-35 

47 

67 


1150 

Lfl 

Efl 


62 

72 


P. A a 

■ 1 

57 

83 



8 

Lfl 



(■731) 

■i_| 



88 


rfl 

35 


Ej 

20 . 

50 

63 

33 

Efl 

57 


Racri 

(•337) 


R.T2. 

(1355) 


Vaal IM 
(•SUB) 


Tr. 11** 1991 
(104) 


Tr. 12% 1995 
MOB) 


Mia 


300 

330 

360 


1300 

1350 

1400 


120 

130 

140 

102 

104 

MB 


US 

110 

■W 

132 

114 

136 


105 

85 

65 


15 


180 

155 

135 


19 

15 

llh 


215 

190 

170 


19 

15<a 


ft 

It 


iS 


68 

99 

120 


7h 

X21; 

16 


100 

125 

155 


151* 

19»* 


fi 


Opdwt 1 


E3 

□ 

o 

o 

Efl 

Brit Aero 

460 

90 

107 

EPS 

3 

rr 

15 

(*S*U 

500 

» 

75 

IJ 

B 

18 

30 


550 

20 

45 

Efl 

27 

3/ 

50 

BAA 

130 

Efl 

Efl 

29 

lta 

6 

7 

(143 

140 

Ifl 

Efl 

23 

6 

U 

12 


160 

kl 

kfl 

13 

19 

22 

25 

B*T Into 

6SO 

70 

95 

105 

5 

15 

23 

(•708) 

700 

35 

62 

75 

20 

30 

43 


750 

14 

38 

so 

53 

60 

to 

. ■ W ■ TT^Mtt 

240 

lfl 

«_ 

— 

r/1 

— 

— • 

1‘ZrZ) 

260 

Ifl 

31 

40 

H 

13 

16 


280 

ifl 

20 

28 

Efl 

21 

26 


fl-J.fl 

Kfl 

Efl 

Efl 

Efl 

Ifl 

22 

(*283) 

ttel 

kfl 

Efl 

El 

Efl 

Efl 

32 

Gatoaesg 

330 

so 

65 

Kfl 

n 

Kfl 

10 

(•374) 

360 

?5 

38 

Efl 

Efl 

rfl 

22 


390 

9 

23 

El 

Efl 

EM 

.37 . 

Uttwke 

420 


58 , 

70 

Fl 

12 

17 

(•456) 

M3 

27 


— ! 

12 1 

| 

— 


460 

17 

34 

45 


28 i 

35 


OBNea 

Efl 

EH 

O 

EH 

o 

tZM 

Airdtrod 

160 


39 

44 

7 

13 

15 

(179) 

180 

17 

28 

34 1 

14 

22, 

26 


200 

9 

19 

25 

25 

34 

36 

“sar 

fl-41 

Efl 

us 

130 

Kl 

td 

15 

EJ 

■ 1 

82 

97 

rfl 

Efl 



Ej 

Efl 

52 

65 

Efl 

Efl 

55 

Bftdra 

500 i 

83 1 

10Q 



KH 




(175) 

550 , 

43 1 

63 

78 

rfl 

tfl 

28 


600 ! 

20 

37 

53 

Efl 

Efl 

52 

Boots 

280 

» 1 

»fl 

Kfl 

Pfl 

u 

13 

(111) 

300 

Kfl 

Kfl 

| fl 

rfl 

rfl 



330 

Efl 

Efl 

Efl 

Efl 

tfl 

t* 

BTR 


43 

Kfl 




10 

- 

(*360) 

360 

23 

Ifl 

43 


21 

27 


390 

11 

Efl 

30 


37 

41 

BtoeOrde 

WLuJ 

Kfl 

— 

__ 

id 

1 

__ 

(KH) 


K-l 

S3 

63 

rfl 

32 

43 



Efl 

90 


Efl 

1 60 

— 

Be Bern 

KZZDI 

370 

_ 



25 





(115 75) 

1300 

270 

— 



to 






1400 

200 

— 

— 


— 

— 

Dto» . 

3fo 

Kfl 

Kfl 

Kfl 

w m 

id 

15 — 

(187) 

390 

Kfl 

lfl 

Efl 

rfl 

111 

I fl 


420 

Efl 

Efl 

Efl 

tfl 

efl 

— 


1650 

155 

215 

_ 

3S 

57 

_ 

(*1754) 

1700 

122 

105 

* 

S5 

75 

— 

1750 

95 

155 

210 

70 

97 

no 


1800 

70 

130 

IBS 

100 

120 

135 


1850 

S3 

107 

157 

135 

155 

165 


140 

50 

— . 

— . 

& 

— 

* 

M86). 

- lto 

31 

32^ 

— 

3 

1 — 


180 

200 

15 

5 

* 

24 

141* 

5 

16' 


10 

nta 

Lanrito- 

300 

Kfl 

Kfl 

Kfl 

Kl 

PJ 

92 

(143) 

330 

Ifl 

K-fl 

| fl 

Ifl 

Kfl 

20 

360 

Efl 

Efl 

Efl 

Efl 

Efl 

38 

MUnd Bk 

ftjJ 




Kfl 


a 


(•546) 

fl-~l 

57 

1 55 j 


13 

El 

Ed 

1 35 


CjS 

25 

Bl 

42. . 


140 

Kfl 

Kfl 


SB 

■ ■ 


(1753 

160 

Kfl 

ifl 

32 

Rfl 

Rfl 

8 ‘ 


180 

mj 

Efl 

22 

Efl 

Efl 

18 


180 


— 

35 


— 

10 • 

(191) 

183 

18 

28 


8 

nr 

■ — } 


200 

10 

20 

26 

17 

20 

'18 | 


220 

4 

13 

18 

30 

32 

36 I 

Bffi 1 '"TTTTfl 

^^^fl 

Kfl 

Kfl 

ifl 

mm 

5 

8 

(•280) | 


rfl 

tfl 

(-1 

Rfl 

U 

14 

Efl 

Efl 

111 

Efl 

20 

23 

Ttero ENJ 

6to. 

Kfl 

tfl 

143 

Rfl 


IS 

(•727) 1 

700 

ifl 

Kfl 

108 

Efl 

Efl 

35 


750 

El 

Efl 

77 

Efl 

ifl 

60 

UlUMr 1 

mU> 

60 | 

82 | 

tt 

14 | 

22 | 

28 

1*637) 

650 

32 ' 

52 

a 

35 1 

42 1 

48 


700 

14 , 

32 

45 

67 

70- 

77 

WeScoroa 

500 

85 , 

107 

125 

9 , 

17 i 

25 

(165) 

550 1 

52 I 

n 

93 

27 1 

17 ! 

44 


600 . 

27 1 

S3 

73 

52 1 

63 1 

69 


■OB 

El 

n 

E3 

□ 

o 

a 

C3 

jUl" 

FT-S€ 

ZUO 

260 

778 




1 

5 


7 

Item 

2250 

Pin 

iCW 

257 

_ 

3 

R 

15 

- 

(*2380) 

2250 

163 

188 

215 

m. 

5 

15 

?? 




2300 

12? 

148 

175 

200 

1? 

25 

14 



2350 

S3 

112 

140 

165 

73 

38 

47 

57 


2400 

52 

83 

1 10 

132 

45 

63 

JO 

80 


2450 

2S 

57 

83 

110 

75 

85 

97 

100 


Octabw 5 l Total Owned 53,483. Crib 39,424. Pms 14X591 
FT« lode* Crih 2^37, Prt» 2,722 
•Undarljcw saarity price. 


RISES AND FAUS YESTERDAY 


Bridril Funds. 


Corpor alt oro, Docninkni and Foreign Bonds 


; Financial and Properties . 
‘(Mb 


. Plantations , 

Mixes 

Otters 


Rlsa 

Faffs 

Same 

-95 ■ 

11 

6 

22 

7 

26 

495 

400 

68S 

186 

113 

326 

35 

29 

50 

1 

O 

13 

45 

56 

93 

92 

77 

71 


Totals 


971 


693 


1*270 


LONDON RECENT ISSUES 


EQUITIES 


tee 

Price 

i 

g 


V 

Stock 

Ctostoa 

Price 

B 

Net 

Dh. 

= 

3 

P JL 
Rate 

a 

a 


*130 

F.P. 

am 

170 

154 

AtalOp 

166 

-4 

L3X 

2 2 

M 

169 

221 

FF. 

— 

266 

221 


263 


*25 

2.9 

22 

215 

175 

F.P. 

601 

240 

215 


235 

-5 

L2J> 

1.9 

to 

17X 


F.P. 

ZS-10 

27 

21 

Atlantic Assets Wrros__ 

27 

+1 

— 

— 

— 

— 

' '*50 

FF. 

*9 

UO 

to 

Karo- Estates Prop5p . 

106 

+8 

LO-75 

24 

IX 

533 

*106 

FF. 


160 

135 

(•Dolphin Pack 5p 

155 

-5 

L20 

15 

IX 

22X 

10 

F.P. 

1102 

13(. 

10 

EFM Dragon Trust 5p. - 

13ta 



— 

— 

— 

— 

81 

FF- 

— 

268 

253 

Engfbti 8 Catedontan Inv 

268 


— 

— 

— 

— 

32 

FF. 

3000 

142J* 

132 


uetj 

-Fa 

— 

— 


— 

** 

FF. 


6/ 

to 

Flr*t Spanisli 1. T. Wrats. 

to 


— 

— 

— 

— 

100 

FF. 

2300 

107 

98 

6.T. Venture 30p.n 

99 


— 

— 

— 

— 

*• 

FF. 

2300 

23 

22 

Independent la». Wrtet _ 

22 


— 

— 

to— 

— 

*15 

FF. 


128 

121 

«tetol5p 

123 

+2 

L2J 

21 


261 


FF. 


9B 

55 

Mootgate Imr. Warr. — . 

90 


— 

— 

— 

— 

*100 

FF. 


108 

103 

fi»w G*emscy Srairttlro 

10B 


— 

— 

— 

— 

■rjTl 

FF. 

4(8 

2W 

185 

j. te— « I 

290 

+11 

RL5 

Ill 

0.7 

43.7 

|)ltV | 

F.P. 


521(4 

S1.5 

1 TT^RR 

sm, 


— 

— 

to- 

— 

SlflETj 

FF. 

— 

128 

103 

•Serna Hahtote 

118 

-2 

— 

— 

m- 

17.9 


FF. 

264) 

UB 

101 

Shim L FridUnder 10p. 

ito 

-3 

— 

— 

— 

— 

*« 

FF. 


93 

85 

9WSPHidgs.5p 

86 

-2 

RL4 

3J 

PJ 

20.3 

■i 

FF. 

- 

2£L 

iS- 

Zetten Leinrt lOp 

161 


LU> 

3J_ 


292 


FIXED INTEREST STOCKS 


tel 

Price 

£ 

*p5T 

te 

Ltint 

tan 

om 

1987 

Efl 

lfl! 

100 

F.P. 



no* 

UBe! 

100 

FF. 

— 

lOlp 

99p 

m 

FF. 


102p 

K3i 


FF. 

— 

I45p 



F.P. 

— 

lDOi 



F.P. 

— 

UOta 

9911 


M 

— 

tarn. 

IZv-J 


£23 

urn 

251, 



F.P. 

— 

Z7Qp 


Mte 

FF. 

— 

113p 

1 

late 


suck 


AGBRtMatliLZlC'N.Frf 

BrtL 6 CWW.46 ac.Cb. RtaJM.. 


OnnerfieW Props 5t<pcC<-. Cm. Pit. . 

MerbMLCvaLRed.CiK.Pif. 

M-wide/WtalOtJ pc. 12.9X0 _ 
Do. 10* *26.9X8. 

Hu 51,% Cm. 2003. 


North H00riiBAasac.n%GcfJiiXB7 . 
Da Zero Coro. La. 2027 . 


WtedswOrth TR. 7% Cv A Cm. Red. Prt 


Cluing 

Rite 

£ 


imp 

9b 

lOOfei 

Hip 

100 

8Vpm 

15V 

220p 

Hip 


-1 


+V 


“RIGHTS” OFFERS 


. hsne 
Price 


350 
30 
200 
6 

200 

91 

90 
761 
637 
75 
l, 335 
138 
40 
« 
y 400 
425 
Z10 
80 


248 

425 

300 


Paid 


Nil 

W 

Ml 

NO 

MB 

NH 

m 

« 

NR 

NR 

« 

WB 

NS 

m 

Nfl 

Ml 

NO 

m 

NO 

NH 

N8. 

NH 

HH 


Latest 

Roosk 

Date 


601 

601 

ran 

1201 

3000 

201 

Ml 

1400 

3QO0 

1801 

27/11 

1X01 

1301 

1600 

1811 

urn 

10U 

1301 

u/n 


1987 




131pm 

lB3pm 

206pm 

taw 

36pm 

18m 

20pm 

115pm 

73m 

2im 

101pm 

43m 


14m 

(fern 

255m 

28pm 

340pm 

taw 

53m 

asm 

yipei 

4im 


loom 

83m 

158m 

5m 

i7m 

10m 

4m 

104m 

Ztaw 

9m 

cm 

36m 

7m 

9m 

20m 

125m 

25m 

3«m 

»m 

30fam 

22m 

6m 

39m 


Stock 

AB Elect 





QAbOV.) 




I'l.TiT mmmmmaSm 


lteaitlff2te I 

A 

|l 

ii 







Casing 

Price 


126m 
B*m 
208m 
3m 
34m 
13m 
20m 
104m 
26m 
21pnt 
83m 
45m 
7m 
14m 
a taw 
2 S0m 
25m 
3«Jm 
5pn 
47m 
22m 
10 m 
38m 


+1 


+U) 


+5 

-9 

+15 

-1 

+ta 


RradatfoB dm usbBj last day far deaflog free of s»*p itaty. j Ama ttm dW d e ri. b Ffrwm based 
OapmpKhsadnssLd DMdend rate paid « pa»atle ob pm of optal, com tatstd «n dhidnid » tan 
opHaL-p ABMned«Mendiad>Md. ft MsweddWdwri and yMd alter scrip ban. F Olridend and yield 
bartaiprasocanwedierolfrdialesdnamfv 198U7. H QMfend w4 TriM based w wvotaui or 
ted anaiaHMd AvMen^ cm aid m based en taint annuX 
Rwtk. R Fo mast mwanied dtndend. ewer and m ratia 
.W Pro Forma rimes i <BdKated«ridead^cmrrel«Mio 
nmd earnkqs- u Forecast, or vnrimtd ammilhed diridend 
9 Hmd I* mtler. n Offered hahlen of antoarr stumasa 
t»j wsj or rapteJratta. ? Ptacmg prtee. fi Reimamed. M I Beed 
— . 4 . ever or takamer. m Motmer* price. * uahsted securities wtn. 

tt Official LendMi Kriq # tadadtag eonanu eaudetma. I Ptaclng and after lw «Hc ate * Ttart 
BarhcL timed In B Drill tanwisiag 2 Ota Sums A 1 Wmu. (EantheMIe « 50p mta 1 OnL) nwrai 
















































































































































































































































































































45 


Financial Times Tuesday October 6 1987 0 


WORLD STOCK MARKETS 



OVER-THE-COUNTER Nasdaq national market, closing prices 


Gain Kgh Lav Im Ck* 
(Ha&| 


Continued from Page 47 


OgOGp B4 
OWoCrel 68 
OkJK/iQ JO 
OI4Rdp.B1b 
Omrtan ,ge 
OnuSc JO 
OnePrc 
OpucC 
Opdcfl 
Oraclw 
Orbtl 
Ognan 
■OshBA .54 
OsftkTB JO 
OttrW ZB2 
OwonMn.36 

f«Ufc 

PCS 

PNC 1.60 
Pacar 1.60a 

PoePwate 

Pamata 

Partsan 

Pmllox 

PmHHrs 

PnycJtx 

PegGkJ 

Penfacs .88 

Perea* J 9 

Pemwts 

FtuBnC 1 

PeopHrtate 

PcoWsJ 

PWpSa 

Petite 1 12 

Phrmct 

PltrmcLISa 

PicSav* 

PfcCete 48 

PronHI 1.04 

PfcyMfl 

PougbSvJOB 

PrecCsi .08 

PreaUa .06 

PretnCp £0 

Priam 

PriceCo 

FVceTR 

PrinvO -1Gb 
ProeCp 
PrMLIa 70 
Prvi-ld .84 
PgSdBc JO 
PuttzPb ,40 
PutUSs .11 
PyrmT 

OMeda 

QVC 

Quadric 

QuakGh JO 

Quorum 

Quikslv 

Quinta 

RPM .72 
B*3S 

Reeves 
RgeyCr 
FlgeyH 20 
Reginas 
RegBc 


IB TOO 36% 36 

8 199 44*« 43*; 
10 31 25% 25 
10 781 287, 28ij 

867 27% 271* 

7 871 15la 16*4 

290 10<a 19 

BS 282 17 181] 

22 289 24 2334 

103 5776 u38 36% 

91119 7 Pa 

232 25 23 

21 67 70 8S 

9 137 28% 27% 

IS 12 39% 3834 

14 424 20 % 18% 

P Q 

137 l 63, 

SB 243U353) 3514 
132487 463, 481, 

18 1076 77*9 76i, 

4 254 20'4 107* 

331260 11 'a loan 

27 35 30 7 * 30*4 

B0 16'a 16 

TO 371 14 13% 

48 358 u31 30 

65 85S 22% 22% 

13 18 31 30% 

TO 394 29% 26*4 

17 99 W% 24% 

44 34 601; 88% 

312 17% 17% 

12 78 28% 28% 

8 254 11% 11% 

26 348 35% 34% 

3756 3% d 3 

36 465 28% 23% 

10 3674 20% 18% 

18 10 17% 17 

20 603 38 36% 

31 1852 301, 28 

a 68 18% 18% 

23 238 38% 3B 

23 79 17% 17 

23 33 15% 15% 

1484 3 2*a 

33 544 47 46% 

18 471 35% 34% 

02 145 11% II 
204 10 9% 

11 113 16% *% 

6 415 Z2% 22% 

10 B8 24% 23% 

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2106 10% 10 
34 1038 0% 8 

139 KJ% 9*1 
62 W% 9% 
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58 1277 171, 18 
23 243 15% >5% 
298 11% 11*1 

R R 

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28 278 12% 12% 

1183 2% 223-32 

0B 131 9% 6% 

28 158 21 20% 

8 76 151s 15% 


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RodiCS-We 

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ReaaStr 

Rouses 

RoyGM 

Roylpra 

RyanFs 

SCI Bye 

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SEta 

SHU 9ya 

3KFW3 1.47 b 

SPIPti .07 
Soldi la 871 
Sn feeds .24 
Saiocoe -96 
SagsSft 
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smuts 

StPauts1.7B 

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SFFtM 

Santrda 

Scherer JO 

SctrtAn .40 

Sounds 

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S — an te 

SeamF 

SEEQa 

sbm m 

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Sensor 

Sequent 

SvcUor JM 

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ShrMed .72 

Shrew 2-04 

SfWKt -16 

ShonSo 

Shored 

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SijjmO, 

StenBr 

Silicons 

SUteVb 

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StvSOfti 

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Sonora 
SCatM M 
Sonnet 
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Solas ' Mgfe law 
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23 15% M% 
14 142 17% 17 

743 B9% 89 
15 1379 8% 8 

14 723 30% 29% 
20 30% 36% 
334 B% 8% 
80 18% IB 1 , 

31 42 38% 28% 
28 ODB 41% 40% 

379 12% 12 

5449 231, 22% 

BO 12% 11% 
38 22% 21% 

911 1% I 

77 162 25 24% 

202 319 14% IS*, 
1789 9% 8% 

48 2114 12% 12% 

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27 884 207, 20% 

14 46S 13% 12 

733 17% 13% 

2162u24% 23% 
10 60% 80 
SB 10% W 
948 27% 27% 

135249 13% 12% 

9x360036% 35% 
27 1077 12% 11% 
21 2299 u30% 287, 
1523 u13% «% 

104152 54% 53% 

26 565 16% 14% 

225 21% 20% 

19 208 31% 80% 

18 12 157, 15% 

21 22 45 44% 

76 22 13% 13% 

20 768 9% 87, 

479 25% 25% 

10 15916 22% 20% 

27 1440 28 25% 

585 11 10% 

10 332 17% 18 

B 255 25% 24% 

24 254 117, 11% 
520 16% 16 

9*6 77, 7% 

16 195 131, 12% 
182003 26% 25% 

23 568 48% 47% 

32 492 29% 28% 

14 136 11% 11% 

22 150 29% 28% 

31 23 47% 46% 

23 1487 JD% 18% 
56 3456 24% 231, 
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98 288 13% 13% 

30 891 n% m 
83 1179 21, 2 

9 224 10% 10 

24 370 20% 19% 

15 T26 21% 20% 
10 768 37% 37 

0 61 22 21% 

16 208 12% 121,. 
183472 11% 10% 
22 90S 30% 29% 

9B2 O', B% 

12 102 20 25% 

77S 97 23i, 22% 
902 14% 14 


15% 

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2 

10 

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SoubM SO 
Sovran 144 
Spartes 
Speedy 
Standy 1JD 
SMSMc 
SUCtegs M 
arptS+143! 
SteStBe 44 
StwBca JU 
I SawStv 
Stwlnt .70 
Stratus 
StnrtCI M 
Strykrs 
StudLvt 
Subaru SB 
SuOFfei 20 
8umOS.T2b 
SunGrd 
SenMIc 
Sunwsis la 
SymbT 
Symbdo 
Syetto 

Systmo 

SySofrw 
System .12 


TBCa 

TCA 24 

TCSY 

TCP 

TMK 20 e 

TPI En 

IS teds 

TSO 

Tahnan 

Tmlon 

TdiDtaa 

Tekawd 

TkmAs 

TICnwrt 

Tetante 24 

Tebnteo 

TetebG 

Tetxoo Ala 

Tantiam AG 

Teradta 

3Com 

TokloPs.191 

Toppa .17 

TmMUS 

TriStar 

Triads* 

Trimed I 

Tsncp 120 

20Cnin 20. 


UETa 43 
l/TL 


UnPhatrJOe 
UnWvn 
UACm M 
USCd .541 
UHbCr 
UMSmc J2 
USScp 40 
US HOC .16 


9 43 22% 21% 

10 787 881, 37% 
13Z 11% 10% 

01 878 447, 44% 

22 8 52% 52% 
2877 14% IS*, 

231488 27% 2B% 
85 18 17% 

14 303 80 29% 

18 107 26 25% 

21 84 2S% 29% 
8x155518% 18% 

444867 33% 31% 
18 20 45 44% 

33 106 25 24% 

158 75 74% 

TO 061 UP, 10% 
17 5 12% 12% 

16 201 80% 301, 
29 158 TO 18% 
3812315 43% dM% 
« TO 33% 32% 
50 563 40% 38% 

027 37, 3% 

11 732 11% 11% 

14 232 7% 7% 

1228 (123% 20 

90 41 30 29% 

T T 

17 Ml 13% 13% 

50 410 28% 28 
27 568 12% 12% 

22 118 11% 10% 

13 IBB 11% 11 

209 4% 4% 

157 23 3«% 33% 

10 683 10% 10% 

B7 10% 10% 

35042 3% 3% 

22 1308 14% 13% 

188119 12 11% 

60 2890 27 26% 

10 80% 80% 
40 84 49% 49 
56 858 13% 12% 

252276 16% 159, 

23 199 23 22% 

18 26 30% 30% 
1066 23% 22% 

358864 u2S7, 237, 
80 581 70% 70 

aw 21% 28% 

32 H 28% 28% 
29 1451 11I6 16% 

24 SOS 13% 13% 

112 17 16% 

12 47 31% 31% 
18 350 20% 261} 

11 602 147, 14% 
21 326 21% 21% 

U U 

15 48 26% 20 
21 S21 14% 14% 
30 1587 g% 9% 
29 652 20% 20% 

14 14 38 32% 

2B1243oS0 471, 

228347 27% 27% 
38 113 24 23% 

18 IBS 0% 6 

0 961 20% 20 
10 307 27 28% 

11 1484 8% 8 


st=i 

10 % - % 

4«%+ % 
52 %+ % 

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74% - 7, 
105,- % 
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42*4+1% 
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$ 

21 % — % 


2B%+ % 
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9% 

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201, { 
2B7«- Jl 
B%+ %! 


US Strr AO 22 1391 37% 31 37-% 

US Tra 115x329 48% 48 40 -1 

UState 20 22 88 20 101, 20 

UnTaiav 56 B9 331, S2>, 33 + % 

UnvFraASe 17 151 18% «% 18% + % 

UnvWl.33e 10 67 7% 7% 7% 

UnwUedJO 15 248 5% B% 5%-V 


V V 

VBand 35 343 u<3 40% 

VU 340 5% 5% 

VLSI 139 IBn «7, 16% 

VU SRa 3S124S 18% 17% 

VWR JO 11 44 29% 27% 

ValldLfl 2881009 5% 59-16 

ValNtl 1.44 55 609 38% 38 

VsnGJd 163 77, 7% 

Verenag «HS B% 8% 

Vk»m 727 11% 11 

VtowUs 122571 9% <3 8% 

VBdna 17 101 19% 19 

Vlpont 112 BO! 29% 28% 

Vbalsft 439 31% 80% 

Volvo 124m W3 63% 63% 

w w 

WD401J2a 24 *52 36% 35% 

WTD 23 IB 22% 22% 

Wature JO 11 433 26% 23% 

WhahEBlje 19 704 16% 16% 

WFSLs J0 6 90 301, 29% 

VVMSas JO 53067 207, 24 

WtarfGL44» 16 109 21% 21% 

; WBBsInttOBe TO 9 2Zi, 21% 

WausP .48 13 IBS 34 33% 

WbMfnJSe 32 11% 11% 
WeWts M 304 20% 20% 

WeUmn 189 32 31% 

Warner J4e 23 *45 21% 2T 

WstAuJ 33 17 131, 12% 

WstCap 10 457 in 4 18% 

WdFSL.10a 0 241 36% 38% 

WflWlte 24 37 231, 23*4 

WxmPb 21 366 18 IS*, 

WfTIA 15 121 18% 17% 

WUmrk 160 20 19% 

WmorC 40 13 13 22 21% 

WstwOa 30 GG 2B% 24% 

wearalMb 17 65 52 50% 

WftelTch OSG 2*7, 24% 

Wlliamn-OB 16 2B7 61% 60% 
W1IIAL T0 1560 22 20% 

WnSFB.OSo 15 13% 13% 
MhnTs M 14 995 29% 29% 
WllsnF 271688 10% 10% 

Wtedrar 17 123 11% 11 

WtserO JO 118 72 18 17% 

WOtefm JO 12 36 15% 15% 

WCYS ,1Ge 863 127, iz% 
WOW 2050 7% 7 

Worthps JO 21 325 24% 24% 
Wyman JO 67 1B% 10% 

Wyaa 252790 39% 377, 


1 pa da i s Bpurs 

NEW YORK ACTIVE STOCKS 


FiiS* 
111. Power — - 
hat- Semi. _ 
C«OP»r 

VantyCp 

Boston Ed — 


Stacks Oasteg Oa re r 
Traded price no day 

..L543.500 25 


U43.500 25 ... Ad*. Were 

. 6.OI8JOO 2J% +% Ttimca 

. 4,351,400 35% -% IBM 

3,564,800 3% ♦% ATT 

3,400,100 20% — % thy. Pete 


Stocks Ctoitag Range 
•reded Price an day 
22M200 24% +% 

1.444.200 57% +1 

L866.100 136% +% 

L5B5.300 34% -% 

1.495,400 35 *1% 


LONDON - Most Acthra Stocks 
Monday, Octsbar 5, 1987 


**5Mteday October 3 Japan N4dei 2K00bJ4 T5E 212353 
Base values ol all Indices are 100 eicepi Brussels SE-1.000 JSE Co W- 255.7 JSE Inaustrtalt- 
2643 and Australia. All Ordinary and Metals- 500; NYSE All Common— 50; Standard and 
Poor's— 10; and Toronto Composite and Metals— 1000. Toronto uMfaccs based 1975 and Montreal 
Portfolio 4/U83. t Eaduding bands 8 400 Industrials phis 40 Utilities. 40 Fmawuls mi 20 
transports, (d Closed, (ul Unavailable. 


TOKYO - Most Active Stocks 
Monday, October 5, 1987 


rfawFMg- 
Mt Takeout. 


Tinted Mca ao Day 

ZUte 23B +4 Steaim*.. 

HJai 201 + 1 Bdtai 

6.7m 276 + 1 Bril Bax 

L2a 271Vt + 2Vii HresaoTr 

12m 221 - IVh ArfflBr. 


Traded Pdca re Bay 
7 Jot 1B3 +4 

tfta 338 +3 

Ua 174% - I 

18a IBS + IVi 

17a 245 - 3 


■ppreStaal. 
Fi^qu 


TreM Meat re Day Tradad Prieaa rettey 

61.74a 421 + 1 Strakren Iteaay tad. . 21J7a *26 _ 25 

36J5a 1.550 + 2f (fiada 21J7a 1340 + 16 

27JMa 2.530 + 39 SredtaaoHuM 13-BBa 311 + t 

2190a 621-2 RStnbtsM Hany U. 1152a 668 -6 
2SJ3* m - 12 Aote 12 J7a 1.170 - 20 


35% 

22% - % 
M —2% 
16% - % 
30%+ % 
25% + % 
21 %+ % 
21% - % 
34 + % 
11 %- % 

S- ■■ 

situ 

17+t, 

23 14 

16 + 1| 

s 

22 + % 
28% +2 

24% 

GO 1 , — % 
22 + 1 % 
13%+ % 
»%+ % 
10 %- % 
11 % 

17%- %l 
18% 

% | 

71, - %, 

2«% — % I 

W% 

3B%+ % 


t /^HTTb/WT Chief price chenpes 

I A J 1 to JL7Wl> (In pence unless otherwise Indicated) 

RISES: Bullough .535 +15 

Aberdeen Cons. 340 +31 Comm. Union 438 +19 

AsdaProp. 820 + 35 Empire Sts. -287 +25 

Bailey (B.) 80 +9 England (J.) — .-.180 +50 

Baltic 248 +15 Fitch Lov -354 +18 

Beat Clark 416 +15 Har land Sim. -272 +28 


Hew-Stuart 150fc +1014 SimsCtrg 455 +15 

LamontHldgs 416 +16 Smith New Crt 326 +15 

Lonrho 347 +11% UtdNews 871 +31 

Michael Design 117 +22 

P. Knoll 905 + 50 FALLS: 

RankOrg. — 731 +12 Bertrams Inv.Tst.. 123 -14 

Ryl Bk Scot 436 +18 Color Gr 523 -50 

Shandwick 810 +30 Finlay (J.) 107 - 5 

Shell Trans E14 + W Morg. Grenfell 570 -12 



X Y Z I 

XDMA 2012 21 20 20% + % 

Xleor 213814 15% 14% 14% - % 

_«» 13% 12% wi+7, , 
xyteple 22 837 ( 490 % TO 20 %+% 

Xyvsn 31 SB7 13% 12% 13% +1 

YkSWft JSt 24 1051 41% 41% 41% - % 

Zondvn 514 14% 13% 13%- 7, 

Zycad 0» S 6% S%+ % 


Have uiiir F.T. 
hand delivered . . . 


. . . at no extra charge, if you work in the business centres of 
USBOA& PORTO 

0 Lisboa 887844 And ask Roberto Alves for details. 


Have vour F.T. hand delivered . . . 


at no extra charge, if you work in the 
business centres of 

HELSINKI & ESPOO 

0 H elsinki (90) 694 0417 

And ask for details. 


FINANCIAL TIMES 

- - Eumjics Ruutv* Newspaper • - 

Imuha hjrAlial.NrvVivk r- — — 


i 






















































































































































































































































46 


Closing prices October 5 


o Financial Times Tuesday October 6 1987 

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


1 2 Month 
Nigh Low 


era 

Pt 3b dan Pm. 

Si ttfc Dir. W. E IfflaHlgb Lw OuarCba 

SO 1.4 73 61 373| 37 37 

.32 1 B 29 3 5Bi 51% 51% 

.IS 5 11 MB (02% 317, 33% +5, 

2* 1263 u27 Z3% 28 

4 9% 9% 9% -% 

08 M217t ? 7b 7b 4% 

12 4603 57% 55% 56% -1% 


2«, 1 2% AMD 

56% 47 AMD p I 


ll'g S', 

29% W 4 

2P, >7 

15 10% 

69% S3 
83% 30 


38b 22 AAR 8 
52 23% ACfT 

321, 17 AFO 8 
25% 0 AGS 8 
10% 63. AMCA 
9% S', AM Inti 

«% 50% AMR 
27% 24% ANR pi £.67 11. 4 25 25 25 -% 

38% » ARCOCun 2238 37% 37% 37% -% 

12i« 8% ARX S 10 70 10% W, 10% -% 

73% 34% ASA 2a 3.2 820 63% 61 63% +2% 

22% 0% AVX 44 320 u22% 22 22% 

67 41% AtxLab 1 1.B24 3&10 61% 60% 81 + % 

28 23% AMlihlg 60 35 25% 257, +% 

16% 9% AcrfieC .40 25 18 1553 1ST; 15% 1$7, +1% 

10% 6% AcmeE 32b 3.5 SB 37 9% 9% 9% 

ZV» 19 AdaEx34*e 15. 81 23% 23 23 -% 

19% 10 AdmMs 24 1.7 11 85 M% 13% 14 -% 

r S'* 12% AdvSyx82l 23 U 164 2S% 23% 28% 

-- — ‘ — 1ZT3BuW% 24 24% 

5.3 74 50% 5B% 56% -% 

108 9% B 9 -% 

9 19% 19% 13% 4-% 

15 20% 20*4 20% h-1, 

1.0 9 118 12 11% 11% -% 

45 9 8944 61% 80% 61% + 1% 

J 21 277 70% 68 89 -1% 

4.2 7 7077 207, 20% 20% 

20 3% 3% 3% 

IS 23 849 52% 51% 517, + % 

£2 11 63 27% 26% 26% -% 

26 425 16% 157, i 8 i, -% 

11 27 17% 17% 17% 4% _ 

20 31 13-32 % 13-32 7 1-3 3 

40 27 26% 27 -3, 

27 B% 8% 6% 

TO. 2320 BO 79 79 -1 

6 13 183 20% 20 20% -% 

1.0 20 84 24% 24% 24% -% 

1.1 18 268 21% 20% 207, + 1, 

20 323 1*337, 32% 33% -% 

1.6 22 6648 u37% 38% 37% +1*4 

2.4 18 238 28% 28% 29% + % 

3.7 24 590 27 26% 28% -% 

83 528 U547, 51% 54% +4% 

123 88% 88 68 -% 

181 M% 14 14% -l 4 

1 157, 1S7, 157, -% 

18 77% 77 77% 4% 

3 1Z7 29% 28% 29% + % 

7.6 10 897 38% 37% 38 '« 4- % 

1.0 35 8152 kilOS 102% 104% +2i 4 

£6 251 18 15% 15% -% 

8-5 «0 20 % 20 % 20 % +\ 

TO 55 25% » 25 -% 

4.1 14 3817 45% 44% 44% -7, 

161 Z% 2 2 

37 12% 117, 12 -% 

293 10% 10 10 

4.1 18 115 33% 33% 33% -% 

3.1 1 Iff n K 411; 

Iff 4200 637, 62% 83% +1% 

.1 182 29 28% 287, 4% 

26 1793 28% Si, 28% -% 

ff 12 2196 357, 35% 35% -% 

687 27% 33% 27 4% 

3.7 17 958 57% 58% 58% -% 

Bff 761 32% 32 32 

3-5 18 38 25% 25% 25% -1, 

2.7 IB 14 297, 291, 29% 

11. 115 20% 20% 20% 

16 16 30% 30% 30% 4% 

6 0 11 15 17 18% 18% -% 

2.1 19 1909 507, 50% 50% +% 

8.1 10 3180 28 27% 28 4% 

40% 27% AExp s .78 2.1 21 *168537% 38% 36% 

IP? io AFaflil a .22 Iff 12 1440 17% 16% 16% -% 

3.2 9 3171 38% 377, 38% 4% 


Adoo* 

A** Jf 1.84 96 
Adob pl 2.40 12. 

Advent 12a 
AeWU 2.78 
Amfto s .32 
2fi% 18% AlmumBB 
5% 27, Allow* 

53’, 32% AlrPfd 1 
36 19% AlrbFrt .80 

16% 7% Alrpaan 
20% 16% AirtOK8.ua 

15-32 % AIMOOn 
28 £5% AlaP pfl 84o Off 

103, 6% AlaP dpi. 87 10. 

96% 77 AlaP p»8ff8 
ID, AtakAIr .18 
14% AUMrto 24 
13% Alt>C*H®4 
203, Albtsn 9 
18% Alcan 1 80 

19% AlcoS a .64 
22% Ale*AI» 1 
38% Aiexdr 
48% AHegCp 
11% Alglnt 
IT Algid pr 
45% At0l pfC 
26 AlgLudn.10o 
35% AllgPw2ff2 
102% 52 AKegis 1 
19% 14% AllenG 56 

24% 19% Allen pM.75 
44 24 AlldPtf 

48% 38% AhJSonlffO 
3% 2 vJAUbC 

37% 9% AlhC P « 

10% 10 AlstMun 

34% 25% ALLTL Bl 36 
66 50% AU.T pC08 

64% 32% Alcoa 120 

32 27% AnuG n02e 

29% 11% Amax 
41’, 21% AmHes.30e 
30% 6% ABrefc s 
60 40% AmBmaoa 

347, 31% ABrd pO-75 
28% 21% ABMM .90 
3Tii 23% ABusPrffO 
25% SO ACapBI.20 
35% 29% ACapC5.02e 
247, 15% ACMR la 
57 367, ACyan SI-05 

31% 25 ABP«2ff6a 


277, 

28% 

24 

33% 

37% 

30 

38 

50% 

92ij 

243, 

20 % 

88 % 

34 

49% 


44% 34% AGnCp 1 25 

217, 14% AGnl wl 

533, 51% AGnl p)A4.0Sa7ff 
20 15% AHItP n.72o 4ff 

34 25% AHartl a 96 3.3 I 

11% 67, AHottt 
24% 183, AHo(«pfl.9S 9.0 

963, 72 AHCH<«334 

99% 77% AmriC 9 5 

83% 54% AlftGf 6 30 
20% 14% 


47 16 157, 18 

S 51% 51% 51% 

521 157, 15% 157, -% 

3 29 29 29 - % 

128 97, 9% gr, 4% 

4 21% 21% 21% +% 


3.8 18 2386 88 87 B77, +% 


51 

89 

17U 

19% 

23% 


25 

56 

15 

11 % 

181; 


107, 4% 

55 
861. 


APrsd pO.50 
AREst n to 
ASLRa 
ASLF1 jC-19 
AShlp 40 
38% AmSW 1 80 
51% AmStor .84 


5.3 12 1890 95 93% 94% 

.4 IB 345S31 79% KJ% -% 

.72 4ff 62 947 16% 16% 18% -% 

APrwdJO 1.1 18 747 44% 43% 44 -1, 

45 202 7B% 78 78% 

66 182 15% 15% 15% -% 

3 27 15% 15% 15% 

12. 27 IB 15% 187, + % 

6.7 208 6% 8 6 -3, 

3ff <4 432 M% 5H, 52 -% 

I. 1 19 280 78% 78 787, +% 

83% 63% AStr pfA438 5ff 72 83 83 83 -H, 

357, 22% AT&T 1-20 3.8 24 1740294% 33% 331, -% 

53 40% AT&T pO.74 7.4 1 50% S0% 90% 

257, 17% Am«W»64 33 11 73 19% 19% 19% +1, 

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Continued on Page 47 


PwAa jo 

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PetYOr 22 
Patrie .to 


financial Times Tuesday October 6 1987 0 


' NYSE COMPOSITE CLOSING PRICES 




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18% 4 TollSr a 
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US'S 1.12 22 12 4763 53% 
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Varna 671 7** 

Vartan 26 2176 1059 X 

Varfty 5579 3% 

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AMEX COMPOSITE CLOSING PRICES 


47 

Closing prices. 

October S 


Bta 


P/ 5k 

E 100* Hgh IqwBoatCXta 


AT&E 247 15% T9 1 * 19% + % 

Actons 14 21% 21% 21*,- 1* 

AdRusll 300405 42*4 41% 42 - *« 

AtooW 12 24 9% 9*4 9*4- % 

Aipnaln 300 9 to, 8% 

Aha 1X516 39% 38% 38% - % 

Amdahl .20 27 3643u50% 48>* 491, + 7, 

AhraiHJto B B 247, 24% 341,1- % 

AfcUpA 52 11 104 X% 24% 25% + % 

AUzoB .52 10 46 28% 33*. 22% 

AMBId 197 3% 3 3% + % 

APefl 18 8u75 74% 75+1* 

APrec .X 61 9 14% M% 14% - 1, 

AmReyHSSe 4 64 8% 8% 8% 

ASelE 225 51 4% 4% 4% 

Ampal JG 6 24 27, ?, 2% 

An dal 4 34 8 77, 8 + % 

Armtm 10 23* 9* 2% 

Aiundi 9 Xu327, 31% 32% ♦ 

Asiarg 20 208 9** 9 9% - *, 

AUrota 216 % 7-16 % 

Aurfs 171074 13 12% 12% + % 

AdsCM 40 7% U* «B 

Attanvl X4 257, 233* 24% -JU 

B B 


to* 


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1.9 8 
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28 
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Waiu a .12 
Walgm J4 
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WsHWl 248 
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WetaMs .44 
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W«* art 
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W Uft ed .12 2J 24 
WllleGs 22 
WUflarm 40 
WlfchrO 
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Wtanbg .40 
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WtocPU.12 
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WUco 1.12 


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Wurtttr 
WyleUj J2 
Wynns JO 


Xerox 
Xerox pHAS 
XTRA J4 
XTRA pit -94 
YorUn 


Zayra .40 
Zemex AO 
ZaibdiE 
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Zero 


Zombie J8 
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1 J 37 

21 X 365 

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3 32 17 4702 787, 
10. 7 54% 

22 24 13 29% 

70 40 27% 

16 117 33% 
153 5% 
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25 10 88 16 
105 1371 28% 
532 7% 
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34% 54% -1* 
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37 X -% 
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59% 59% 

37% 377, -% 
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64% 84 1 * -I* 
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20% am. +% 

253, 25% +% 
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75 12 38 547, 

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24 X 28 25% 

1J 193 5% 

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1.4 X 578 40 
12 19 205 48% 

20 15 48 59% 

I. 1 X 2319 877, 

SJ MO 881} 

21 23 3810 66 
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94 127 28% 

J 34 6020 
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11 27, 27, 27, 

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318 26% 

80 41% 

423 56*, 

730 50% 

97 18 

2988 97, 

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H 702 13 
2581 2% 

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12 11 IX 20 

332 3% 

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6 3 

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717 Ml* 

4032 S3 
241 48% 

199 10% 

32 M 768 38% 

42 10 22% 

28 II 81 38*« 

6 1267 17% 

52 8% 

60 26% 

37 5', 

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2089 371* 

114 7% 

IX 101* 

27 5 

3.8 18 225 48% 

3J 17 458 12% 

31 27, 

473 25% 

54 47 

590 22% 

13 41% 

48 53 13 

27 14 1781 SO 
148 9% 

110 

L7 21 175 83% 

1 2% 

684 217, 

29% 


S i +V 

■ -*4 


26 18 4S3 
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77% 78% -% 
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29% 29% 

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33 33% -1* 

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28% XI* -** 
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21% 217, +% 

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25% 28% +1% 
10 % 10 % +% 


figures am inolfldaL Yearly highs and tows rafiact the 
previous 52 wastes plus He current week, but not the late st 
tracing Hqr. Where a sp8t or slock HvMsnd arnourtlng to 25 
par cent or mors has been pakL Ha year's htatHow range and 
dMdarxl are shown tor He new Mock only. Urtfiss othaiwta 
wtsa mas of tfivUends are annuel {XtHnensms btsad on 
ns Meat dectaratton. 

e-dhsdend also sxtrs(sl. b-wmuta rats of dMdend plus 
stock dMdand. (HkMdsJIng **JbtkL cfcHanotL chtew yearly 
Sow. MfwWand dBdamd or paid In preaedng 12 morttw. a. 
dMdend In Canedbn funds, subjsot to 15% noo-naddenca tax. 
MMdsnd dedersd Mtar spH-up or stock dMdend. HMdsnd 
paid Hte year, omitted, deferred, or no a ction taken at latest 
dMdend meeting. k-Hddend dectamd or paid Me year, an ae- 
COOMdsttaa issue w«h dMdande In msara. ihm. issue In the 
DBSt 52 waeks. The high -tow range begins with the start of 
tcadng. rahmt day delivery. P/E^x tos -ea ml n ga rstto. r-dtvt- 
denddecJared or paid kiprocsdfc^j 12 months, ptua stock dM- 
dend. s-siock «*. DMflsn* begin w«i dels o» w*. a(s - 
sate. HMdend paid m stock In preceding 12 months, esti- 
mated cash value on sx-AMbim or ax-dtetrtBcatan data, u- 
nsw yoariy hltfi v-traSng hfiltad. vMn bankruptcy or rbcataer- 
ship or being reorganised under the Bankruptcy Act. or sea* 
rtties assumed by such c omp s nlsaL wHHstdbutad. w+when 
isauod. wvMdH warrants. x-sxKMdent or ex-dgtfls. xdta*c- 
dsntoution. WMalHout warrants. y-A-dMdend mlsMask)- 
fufl. ykhyWd. z-sH« In h* 




HPUBUBI 




. . . every working day, if you work in the business centre of 

ATHENS 

0 Athens (01) 7237167 And ask Bill Vogiatzis for derails. 


FINANCIAL TIMES 

Kumpck Business Newspaper 

T ~ nSST - iinkn hnUun NnM I* 1 " *' 


BAT ,27s 15 748 ull 9-16 11% 

Banstrg 1 97, B*. 

BaryflG 12 37 6% 8% 

Barnflr .32 19 IX 24% 24% 

BicCp .72 14 x85 30** 29% 

BmUlt 1 13 46 32% 32*4 

BloufflA 45 34 3 18% (B% 

Btaume .40 33 3 16% 18% 

BowVal.iOr 7 IS 15 

BownM 25 16 363 21 2D*, 

Bracng .68 108 30*< 29% 

c c 

COIa 20 01 23% 24% 25 

CUI Cp 174 S'* 3 3 — % 

Cal prop. SOI 13 20 8% 8 8% + % 

CMarcg .X 15 153* 15% 15% - % 

CasttA .XX 5 21% 21% 21<*+ 1* 

ChmEwi 50 67, 0% 8% 

ChtnpPB .40 21 2 3b'* 35 35 

CmUdA 24 22 1243 37% 36** 38 1 * - % 

ChlRu 120 21 1322% 22% 2?%-% 

CMDvg g 10 10 10 


CmpCn 15 

ConcdF II 

ConsOG 
Canscn 10 

ComMd M 

Croses 20 24 

CmCP 
CrCPB 
CwCPpM 92 
CwCpffl2.25 
Cubic .39 17 


Cusnndx 

D D 

Of tad 4 2*| 2% 2<|- % 

DWG 10 234 7 7 

Damson 759 % 5>16 % 

OalaPd .16 30 606 12 11% 12 + % 


ii 

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202 

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5 

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104 

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210 

26 

24% 

347,+ % 

IX 

22 

21% 

21% + % 

31 

40% 

«*, 

40%+ % 

553 

2*4 

2% 

2*, 


Daknad 
Dillard .16 
Diodes 
DswsR 
Ducpm 20 

EaglQ 

EstnCo 1 

Estop 2.90a 

Echflga 

EcoCn.OBa 

Bainor 

EmpAn.22* 

ENSCO 

EMMd 

ElOsy *« 

Fidale 
FAusPr IJBa 
FtaChP 8» 
vfftams 

FU4 1281 

FWKS 

Pored. 
FnxjS 
FrultLn 
FurVR 20 



4*317-16 15-16 
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789 15-16 % 

IS B 18% 18% 

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F F 

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63 10 137, 

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48 


0 


FINANCIAL TIMES 


Financial Ti036S Tucsd&y October 6 196*7 


WORLD STOCK MARKETS 




bonds, 



WALL STREET 

LABOURING under the influence 
of another poor performance by 
bonds, Wall Street stock prices, bu- 
oyed by a strong computer sector, 
ended little changed in quiet trad- 
ing yesterday, writes Roderick 
Oram in New York. 

Bonds failed to follow up on Fri- 
day's modest rally after Mr Alan 
Greenspan, chairman of the Feder- 
al Reserve, said the Fed might raise 
the discount rate. A sharp rise in 
Japanese interest rates yesterday 
also contributed to the expectation 
of higher rates in the US. 

Stocks fell from the opening leav- 
ing the Dow Jones industrial aver- 
age off some 15 points by late morn- 
ing. It recovered later to close down 
0.91 of a point at 2,639. Broader 
market indices similarly closed vir- 
tually unchanged. 

NYSE volume was a lacklustre 
160m shares with declining issues 
outnumbering those advancing by 
838 by 687. 

Among the blue chips. General 
Motors fell SIM to 581%, AT&T lost 
5% to $33£, Du Pont edged up SM to 
S122%, American Express was un- 
changed at $38% and Exxon added 
SVj to 549%. 

Computer software stocks were 
one of the few buoyant sectors. Mic- 
rosoft rose 56% to S79 after it said 
its sales in the first quarter ended 
September rose 50 per cent to just 
over SlOOm. 

Lotus Development up $3% to 
S38M, said it was developing a ver- 
sion of its 1-2-3 spreadsheet sof- 
tware for Apple Macintosh compu- 
ters. Among others in the sector, 
Ashton-Tate added $2% to 532%. 

A number of hardware manufac- 
turers also posted g ains , IBM 
gained SIM to S156M, Unisys added 
%-h to S47M, Digital Equipment 
jumped S5M to 5197%, Cray Re- 
search rose 52% to $97% and Sea- 
gate Technologies gained Sl% to 
$22%. 

Zayre jumped SIM to $34% after 
the discount store chain said Mr 
Edward Debartolo had told it he 
bad bought more shares and might 
seek control. The investor, a lead- 
ing developer of shopping centres, 
joined briefly Allied Stores abortive 
attempt last year to thwart a take- 
over offer from Campeau. 

Alexander's advanced 54% to 
554%. Interstate Properties, a New 
Jersey real estate developer in- 
creased its stake in the New York 
department store chain to 22.1 per 
cent Mr Donald Trump, a New 


York real estate developer holds a 
21 per cent stake and said he might 
seek majority control. 

Allegheny Beverage rose *1% to 
$11%. The company, a leading food 
service group, said it had agreed to 
cut to 5450m from S500m the price 
at which it is selling its Service Am- 
erica unit to Servam Corp. 

Union Carbide added SIM to 
$32%. The Supreme Court left 
standing lower court orders that 
lawsuits against the chemical com- 
pany for the 1984 Bhopal disaster 
should be tried in India. 

Argonaut Insurance Group added 
$% to S48. The insurance group, 
spun-off last year by Teledyne, 
agreed to a buy-out offer from Gib- 
bons, Green, van Amerongen of 
New York. The offer is for S45 cash 
and preferred shares worth about 
$8 for each Argonaut share. 

In the credit markets, bond prices 
fell from the opening after giving 
up ground overnight abroad. By 
late afternoon the benchmark 8.75 
per cent Treasury long bond was off 
of a point at 91% yielding 9.79 
per cent 

In addition to Mr Greenspan's 
comments about the possibility of a 
further increase in the discount 
rate, the markets were also hurt by 
the rise in the purchasing manag- 
ers' composite monthly index to 
60.7 per cent in September from 
59.9 per cent a month earlier. The 
index is considered a good leading 
indicator of activity, particularly in 
manufacturing. 

Rumours that the index would 
fall had contributed to the modest 
and short-lived rally in bond prices 
on Friday. Other data in the pur- 
chasing managers report also indi- 
cated a stronger level of economic 
activity 


CANADA 


BUOYANT GOLDS pulled Toronto 
share prices higher against declines 
in energy and mining stocks. 

Golds were led by Inter national 
Corona's massive CS30% leap to 
CS78% following an Ontario Court 
of Appeal ruling that the group can 
retain control of the Page-Williams 
gold mine. 

Lac Minerals, which lost an earli- 
er appeal over the mine's owner- 
ship, dipped CS2% to C$15%. Teck 
Corp B, which will gain a 50 per 
cent share in Page-Williams when 
Lac turns it over to Corona, jumped 
C$12% to C$47%. 

Montreal moved ahead. Vancou- 
ver fell slightly. 



THE MODEST rise in bullion 
prices nudged Johannesburg gold 
stocks slightly higher in otherwise 
quiet trade. 

Among leading golds. Vaal Reefs 
rose R4 to R434 and South Vaal was 
K1 ahead at R203. Harmony added 
50 cents to R52. Against the trend, 
Grootvlei fell 30 cents to R13.20. 

Mining financial Anglo American 


dipped R2 to R86. Gold Reids of 
South Africa slipped R1.75 to 
R94.75. It announced a fall in net 
first quarter earnings. 

Platinums firmed, with Impala 
adding 25 cents to R55 JO. De Beers 
gained 25 cents to R53.25. 

In easier industrials, South Afri- 
can Breweries fell back 75 cents to 
R25.50. 



Firmer dollar props up selected blue chips 


TOKYO 


WORRIES over the possible crea- 
tion of a capital gains tax hurt fi- 
nancial stocks in Tokyo yesterday, 
but support for high-technology and 
large-capital issues left prices 
mixed, writes Shigeo Nishiwaki 
of Jiji Press. 

The Nikkei average edged up 
11.74 over Saturday's close to 
26,018.33 on turnover of 786.06m 
shares, down from 837.69m on Fri- 
day's full session. Brokers said 
trading was dull as a reaction to the 
heavy dealing in large-capital steels 
and shipbuilding issues which pre- 
ceded the half-yearly book dosing 
on September 30. Gains outpaced 
losses 484 to 403, with 145 issues un- 
changed. 

Daiwa Securities and other bro- 
kers judged, however, that the mar- 
ket was stronger than it looked on 
the ground and that trading had 
started to concentrate on high 
priced high-tech stocks, with the 
outlook for such companies expect- 
ed to improve with the yen's fall 
against the dollar. 

Among high-techs, those related 
to Nippon Telegraph and Telephone 
were in demand on expectations of 
increased orders from the common 
carrier. Fujitsu rose Y20 to Y1.550 


on the day’s second heaviest trad- 
ing of 3057m shares. It temporarily 
reached Y1.57Q, topping its all-time 
high of Y1.560 scored in 1984. NEC 
placed third with 27.94m shares, 
gaining Y30 to another record high 
0fY2m 

Sony, which has been leading 
high-tech stocks, picked up Y100 to 
Y5.64Q, while Sharp climbed Y20 to 
Y1.270 and Nippon Kogaku Y5Q to 
Y1.340. Matsushita Electric Indus- 
trial, however, lost Y10 to Y2.800. 

Buying of heavy electricals dwin- 
dled. though, and Toshiba fell Y12 
to Y803 and Mitsubishi Electric Y10 
to Y699. But Hitachi closed Y10 
higher at Yl,540. 

Large-capital Nippon Steel was 
the most active stock on trade of 
just 61.74m shares. It was up Y1 at 
Y421. 

Small-lot buying pushed up con- 
tractors, with Taisei Corp jumping 
Y40 to Y1.060. Ohbayashi Corp Y25 
to Y1.020 and Kajima Y70 to Yl.800. 
Volume was low, however, and even 
trading in Taisei, the most active 
among them, came to only 2.70m 
shares. 

Financial issues slumped on 
news that the Finance Ministry is 
considering levying taxes on capital 
gains in securities transactions 
from the next fiscal year. The sec- 
tor was also hit by a drop in bond 
prices and fears of rising interest 


rates. Sumitomo Bank plunged Y90 
to Y333Q and Sumitomo Trust and 
Banking YI20 to Y3.380. Nomura 
Securities dosed Y30 cheaper at 
Y4^60. 

The yen's fall and speculation 
over a simultaneous rise in Japa- 
nese and US discount rates left 
bond prices sharply lower. Yields 
surged due to short selling by some 
dealers amid fast declining trading. 

The yield on the 5.1 per cent gov- 
ernment bond due in June 1996 
opened at 6.040 per cent, compared 
with Saturday's 6.000 per cent and 
continued rising to dose at this 
year's high of 6.180 per cent in block 
trading on the Tokyo Stock Ex- 
change. The previous high was 
6.165 per cent registered on Sep- 
tember 30. In inter-dealer tr ading 
later, the yield surged to 6.400 per 
cent 

Prices continued to rise on the 
Osaka Securities Exriiangp , with is- 
sues based in Kansai (western Ja- 
pan) remaining popular. The OSE 
stock average increased 8128 from 
Saturday to 26,7120)0. Trading 
shrank 12.07m shares from Friday 
to 92.05m. 

Rohm "spurted Y280 to Y6.050, in 
brisk business, while buying by 
speculators pushed up Toa W inning 
and Spinning Y100 to Y1.430. Zeni- 
taka, however, fell Y60 to Y950 un- 
der profit-taking. 


Singapore 

Straits Times 

December 30,1966=11 


'Em 

| 1200 ^fe*i 

a 

hooo 


800 



Jan 


Oct 


Juroog Shipyard was again most 
active, adding 8 cents to SS3.10. Un- 
ited Engineers, however, plunged 
18 cents to 551-29 on bearish ru- 
mours about a major motorway 
contract 

DBS featured among quality 
gainers, adding 20 cents to SS17.10, 
with Fraser and Neave up 30 cents 
toSSim 


added ID cents to HKS28i0 and 
Wharf Holdings 40 cents to 
HK5H.40. 

Utilities were generally weaker, 
with China Light 30 cents off at 
HKS29.50 and Hongkong Electric 19 
cents lower at HKS10.60. Hong 
Kong and China Gas picked up 19 
cents to HKS21.7Q. 


HONG KONG 


- AUSTRALIA 


SINGAPORE 


SHORT-COVERING and selected, 
bargain-hunting for blue chips lift- 
ed Singapore prices although over- 
seas institutions stayed on the side- 
lines. The Straits Times industrial 
index dosed up 19.18 at 1,438.85. 

Malayan Breweries featured 
among advances, putting on 50 
cents to S$ 12.70. Shangri-La 
added 50 cents to SS8.70 while OUE 
climbed 40 cents to SS5J5. Metro 
and Genting were each 30 cents 
higher at SS13J0 and SS7.45. re- 
spectively. 


LATE SELLING pared early gains 
in Hong Kong as investors grew 
nervous over the level of prices. The 
Hang Seng index closed 1220 high- 
er at 3.94A24, just below Thursday's 
record high of 3,949.73. Brokers said 
the market met resistance at the 
psychological chart marker of 3,950. 

Properties, which have led the re- 
cent bull run, suffered selective 
profit-taking, with Ghpimg Kong 
down 10 cents at HK513 .50 and 
Hang Lung off 15 cents at HKS9.&D. 
New World Development gave up 10 
cents to HKS15.60. But Sun Hung 
Kai rose 20 cents to HK319.B0 and 
Hongkong Land climbed 30 cents to 
HKSS.45. 

Stronger industrials included 
HK-TVB, up 10 cents at HKS16.60, 
and Hutchison Whampoa, 30 cents 
ahead at HKS15.60. Swire Pacific A 


SOLID demand for industrial blue 
chips pulled Australian share prices 
higher despite lacklustre Interest m 
the resources sector. The All Ordi- 
naries index closed up 12.9 at 
1253.4. 

Trade was considerably thinned 
by a holiday in Sydney, and nation- 
al volume was 63.9m shares. 

Banking stocks flourished. West- 
pac was 30 cents Higher at AS6.04 
and A SZ rose 18 cents to AS5 M. 
National Australia Bank improved 
by 8 cents to AS5.94. 

Resources were mixed in dull 
trade, with MIM 13 cents higher at 
AS3.43 and CRA 10 cents up at 
AS 10 30. CSR added 13 cents to 
A54.85, but Bougainville lost 10 
cents to ASS. 

In golds Gold Mines of Kaigoorlie 
was 35 cents down at AS0J9O and 
Sons of Gwaka up 20 cents at 
AS 1120. 



High-technologies lift Nikkei despite tax worries 


THE FIRMER dollar gave limited 
support to international stocks in 
Europe yesterday with Swiss and 
Dutch shares gaining ground, while 
German stocks were hit by profit- 
taking after recent rises. Higher 
prices for North Sea oil fuelled 
Scandinavian bourses. 

Zurich climbed to a record as 
banks and insurers led widespread 
gains in fairly active trading. 

Among banks. Union Bank rose 
SFr250 to SFr5,240 f Swiss Bank 
added SFrll to SFr525 and Credit 
Suisse rose SFr90 to SFr3,590. 
Against the trend. Bank Leu fell 
SFr50 to dose at SFr3,950. 

Industrials were steady to higher 
with BBC up SFr35 to SFr2,9fiO. 
Among industrials, Ciba-Geigy 
posted a small gain of SFrlO to 
SFriL220 while Sandoz advanced 
SFrl50 to SFrl5,750. 

In transports Swissair rose SFr5 
to SFrl.415. 

Frankfurt succumbed to profit- 
taking which took prices generally 
lower in moderate trading. Foreign 
investors were thin on the ground 
and a late sell-off also erased many 
of the market’s early advances. 

The Commerzbank index, calcu- 
lated at midsession, rose 8.4 to 
2,018.8 and did not reflect the late 
downturn. 

Electricals and cars were hardest 
hit by profit-taking, but machinery 
and banking stocks managed to 
hold some of their g ain*. 

Siemens dropped DM10.30 to 
DM667.70 and AEG lost DM7 to 
DM327.50 while high-tech Nixdorf 
firmed 50 pig to DMB35. 

Daimler shed DM5 to DM1,076 
and VW fell DM4.50 to DM380 but 
BMW was steady at DM745 and 


Porsche rose DM8 to DM992. 

Banks bucked the trend, with 
Deutsche Bank adding DM2.50 to 
DM710, Dresdner edging up '50 pfg 
to DM371 and Commerzbank finn- 
ing DM1 to DM310. 

The Bundesbank sold DM50.7m 
of paper after selling DM57.7m on 
Friday. 

Amsterdam was encouraged by 
the firmer dollar which prompted 
buying and lifted prices. The ANP- 
CBS index rose 1.1 to 314.4, buoyed 
by gains among dollar sensitive in- 
ternationals. 

Royal Dutch was helped by rising 
world oil prices and added FI 2.10 to 
FI 270.50. 

Akzo gained 30 cents to FI 177 JO 
and KLM was up 40 cents at FI 
55.10. 

Philips fluctuated after the elec- 
tronics group announced plans to 
sell off 20 per cent of its Fblygram 
music and recording unit via a 
worldwide share offer. 

The news pushed Philips up 70 
cents to a day’s high of FI 52.40 but 
late profit-taking pulled down the 
price to FI 52 DO before it closed at 
FI 52.10. 

Paris saw a quiet, calm session 
with shares posting moderate adv- 
ances to push the CAC general in- 
dex up 0.7 to 410.7. 

Banks and construction issues 
showed the way upwards while 
profit-taking hit oils and electrical 
shares. 

Drinks group Pernod-Ricard, 
which posted a sharp rise in pre-tax 
consolidated profit for the first half, 
rose FFr10 to FFr935. 

Stockholm soared to its fourth 
consecutive record in moderate 
trading as stocks moved broadly 


London 


AFTER AN optimistic opening; 
London equities lost early gains 
as investors grew unsettled by 
the sharply lower opening on 
Wall Street and a slump in bonds 
caused by worries over worid in- 
terest rates. 

The ET-SE 100 index dosed np 
3.6 at 1385.8, having been 17 
points up earlier in the day. The 
FT Ordinary index edged JL4 
higher to 1*873.7. 


_ was distorted by an 
electrical power failure in the 
City of London which prevented 
several market makers from 
playing their normal role in the 
Seaq trading network. Power was 
restored later in the afternoon. 

Government bonds were hurt 
by the disclosure that UK retail 
sales and credit are still strong, 
leaving them lower on the ses- 
sion. Details, Rage 44. 


hi gh er following news of one corpo- 
rate takeover and speculation of an- 
other. 

The Affaersvaeriden general in- 
dex rose to 984.7, as SKr383m in 
shares changed hands, up from 


SKr360m on Friday. 

Trading was suspended in Mode, 
Holmen, iggesund and Ratos, 
prompting rumours of an impend- 
ing deal in the forestry sector. 

Oslo continued to gain ground on 


higher oil prices and optimistic ex- 
pectations prior to today's 1988 
draft budget Dealers were also 
hopeful that the minority Labour 
Government’s proposed 1 per cent 
share turnover tax would be defeat- 
ed by right and centrist parties. 

The all-share index gained 6.01 to 
43891 on a turnover of NKrl67.Bm. 

As the price for Norway's North 
Sea oil hit 519 a barrel, Saga Petro- 
leum closed up NKr4_5 at NKrl49-5 
and Norsk Hydro rose NKr2 to 
NKr257.5. Industrial stocks showed 
the biggest gains. 

Milan moved higher in active 
trading as shares in the Montedison 
group led a strong rally. The MIB 
index rose 13 to 893 in busy trade 
and most issues continued to im- 
prove in active after-hours trading. 

Short covering helped to lift activ- 
ity, as did interest in Montedison, 
which was bolstered by reports that 


its subsidiary Erbamont is likely to 
succeed in its offer to buy the 25 per 
cent of Farmataiia Carlo Erfaa that 
it does not already own. 

The offer, which involves a total 
cash outlay of about L485bn. ends 
today. Montedison advanced L97 to 
L2.318 and Farmataiia was up L65 
at L12.500. 

Brussels finished mixed with 
losses largely attributable to the fi- 
nal day of the two-week trading pe- 
riods and prevailing caution over 
domestic political problems. 

The Brussels stock index gnrfprf 
up 10.22 at 5.138.74, but the forward 
market index was 17 lower at 
4.493.67 after another day of quiet 
trading. 

Madrid built on its recent gains 
and climbed to a record as banks 
and chemicals led other sectors 
broadly higher. The general share 
index added 6.89 to 325.44. 


WHEN YOU’RE WORKING ABROAD, MAKE 
SURE YOU’VE GOT THE RIGHT CONTACTS. 


KEY MARKET MONITORS 



uss/cs 


End of month llflufes 



1982 


1983 


1984 


1985 


1968 


1987 


STOCK MARKET iMDICES 

KEYS YORK Oct 5 ftev Year ago 

DJ Industrials 2.628 75' 2.640.S9 1.774 18 
DJ Transport 1X162 30' 1.064 41 81168 

DJ Unities 200.45* 200 75 139 62 

S^PComp. 327 48 ' 328 07 233EO 


LONDON FT 

Ord 
SE 100 
A All-share 
A 500 
Oslo mmes 
A Long jit 
Wand Ad. Ind 
(Del 21 


1.873 7 1.8723 1.2S12 
2.385 8 2.382.2 1.5603 
1.222.12 1,221 32 777 75 

1.337 S6 1.336.60 B54.&5 
439 6 438 2 3162 

9.91 9 96 10 40 

137 18 136.46 95.77 


TOKYO 

Nikita 3501833 25.86245 17564.4 

Tokyo SE 2H9JI7 211419 1.49231 

AUSTRALIA 

All Ord. 2.253.4 2241 3 1J2S3.6 

Metals 8 Mins. 1.30O.B 15741 6361 

AUSTRIA 

Credit Alrfcen 229.83 228 59 ZH.85 

BELGIAN SE 

SE 5.138.70 5. 128.82 3.855.29 


WEST GERMANY 

FAZ-AkUon 857 80 £54 85 

Commerzbank 2.018.60 2.010 4 

871 TO 
2.009 3 

HONG KONG Hang Seng 

3.94424 3.932-04 2.13480 

ITALY Banca Comm. 

644-54 63420 

750.74 

NETHERLANDS AMP CBS 

Gan - 31380 

Ind 262.30 26180 

280.0 

2605 

NORWAY Oslo SE 

582.14 57484 

377 71 

SINGAPORE Siralts Times 

1,439.56 1.41980 

816.15 

SOUTH AFRICA JSE 

Golds - 2221.0 

Industrials - 2242.0 

1J9978 

1,378.0 

SPUN Madrid S& 

325.44 31855 

20088 

SWEDEN JftP 

32Z7.90 3.182.10 2.478.70 

SWITZERLAND Swiss Bank Ind 
729.70 720.7 

5533 


CURRENCIES (London) 


US BONDS 


sterumo Treasury 



Ocl 5 Previous 

Oct 5 Previous 

S 

- 

- 

1.5240 

16215 

DM 

1 8425 

18420 

2. 9925 

28675 

Tm 

14680 

146 35 

2385 

23785 

FFr 

6.1325 

61275 

996 

9.S35 

SA- 

1 3356 

1 5345 

2.4925 

2.4875 

FI 

2.0725 

2 0725 

3365 

338 

Lira 

1.329 

1.329 2.15025 

2,155 

Bir- 

3825 

38.40 

62.10 

6230 

CS 

13085 

13075 

2.1345 

2.1185 


Octoncr 5 


Prev 



Price 

Yield 

Price 

Yield 

8ft 1989 

99*ft» 

8.63 

99>*i, 

8.621 

7 1994 

92'%u 

952 

92'ftj 

9508 

8ft 1997 

93«fe 

938 

93 'ft. 

9 869 

8« 2017 

91’fe 

977 

OTft i 

9513 


INTEREST RATES 


Source: Harm Trust Savings Ban K 

Treasury Index 

October 5 


COMMODITIES (London) 


(3-montti ottered rale) 

E 

SA- 

MI 


Oct 5 


Prev 

1074 

4ft 

41k 

8% 


ffhi 

BVr 

731 

8175 

889 


CANADA 

Toronto 

Met A toms. 
Composite 

81 antra al 
Pwttoto 

3.494. r 
3,918.1* 

1.93838' 

33876 

35935 

1332.34 

2.165.0 
2.380 3 

1.5084 

Silver (sod fixing) 
Cooper leash) 
Coflee (Novi 

Ol I Brent Bland) 

Ocr 5 
466 40p 
E1.159.30 
E1.3S8.00 
518.925 

Prev 

464.00p 

£1.132.00 

£1.33750 

S1875 

GOLD (S/ozl 


DEHHARKSE 





Ocl 5 

Prev 

SE 

— 

20724 

191 72 

London 

S456.CO 

54S970 





Zdnch 

S45655 

£453.75 

FRANCE 




Peris tinting] 

545747 

S457.30 

CAC Gen 

410.7 

4100 

384.9 

Luvambourg 

S4S550 

£455.10 

tad. Tendance 107.10 

106.60 

9429 

New York (Dec) 

£482.9 • 

546030 


10% 

454 
4ft 

FFr 8'* 

FT London htsrtunk fixing 

(ottered rate) 

0 -month USS OTu 

6-month USS 8 'A 

US Fed Funds 7-7o* 

US 3 -month COs 790' 

USSuaontfa T-MBs 666' 

FINANCIAL FUTURES 


Oct 1 Latest High Low Prev 

CHICAGO 

US Treasury Beads (CUT) 

8% 32ndB of 100% 

Dec 82-06 82-23 81-27 82-21 

US Treasury Bffls (MB) 

Sim points ol 100% 

Dec 92.69 92.74 9264 S2.77 

CerUHcatee of Deposit |IM] 

Sim pants ol 100% 

Dec — — — — 

LOUDON 

T lu uti. month Eurodollar 

Sim patois of 100% 

Dec 9142 91.45 9139 91.30 

20-year Notional Gflt 
£50.000 32lldS or 100% 

Doc 114-28 115-00 114-16 114-08 


Maturity 

Return 

Day's 

YkM 

Day's 

(years) 

index 

change 


change 

i-ao 

163.17 

+0 23 

6 S3 

-003 

1-10 

154.63 

+0.12 

666 

-0.03 

V 3 

14403 

+057 

657 

-003 

3- 5 

157.57 

+ 0.17 

8.71 

-0.03 

15-30 

19358 

+059 

7.78 

-0.03 

Source: Uerrit Lynch 




Corporate 

Octobers Prev 

Price Yield Price VUd 

AT AT 3ft July 1990 

90 675 7.30 91.75 725 

SCAT South Central 10ft Jan i9S3 

101.00 10.62 100.75 10.69 

PNbro Sat 8 Apr! 1996 

8556 10.60 65.75 10.58 

TOW 8% Marsh 1996 

9100 1040 91.00 1038 

AfCO 9ft March 2016 

92 66 10 70 9105 MJ.80 

General Motors 8% Apm sms 

76.92 10.75 76.46 10.80 

Citicorp 9% March 2016 

84 75 11.15 83 7D 1130 

SextrCu Salomon Brothers 



When you're working in 
Britain, you’re unlikely to need the 
advice of an expert in offshore tax- 
efficient investment. 

But as soon as you become an 
expat working abroad, the situation 
changes. In fact, you'll find it liard 
to manage without one. 

That’s why you should talk to 
BarclaysExpatriateAdvisoryService 
in Jersey. Because we can help with 
all the financial aspects of working 


j Surname Mr/Mrs/ Miss 
Furaume{s): 


Aikireu: 


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abroad, in particular with the 
investment of income and capital 
So whether you want a tax- 
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to deal with any other financial 
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banker in Jersey one of your most 
usehil contacts abroad. 

Just give Kevin Nichols a ring 
And keep our number in your 
address section. 

IWLIIWlH—afllWRlI Wj lHUi Pll Bui Mu M Al'glM fSWUH <t>mi »n ini . Ml MIT li«m nn« M 

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13 Library Plate, Sl Hriita; JtTKy, Channd litinds. 
Td. 0334 785 1 L 


1_EXPATR1A TE ADVISORY SERVI CE 


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